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File: Petro Basin - news release dated June 30, 2016 - completion of plan of arrangement.docx


PETRO BASIN ENERGY CORP. Suite 1100 - 888 Dunsmuir Street  Vancouver, British Columbia Canada V6C 3K4 Telephone: (604)
---> 304-4087 Facsimile: (604) 909-2679


THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES

For Immediate Release June 30, 2016


PETRO BASIN ANNOUNCES COMPLETION OF PLAN OF ARRANGEMENT  
Petro Basin Energy Corp. ("Petro Basin" or the "Corporation") (PBA.H: NEX) is pleased to announce that further to its 
--->news release of June 23, 2016 the previously announced plan of arrangement (the "Arrangement") with Centennial Acquisi
--->tions Corp. ("Centennial") and Glenwood Acquisitions Corp. ("Glenwood") was completed on June 30, 2016.

In connection with the Arrangement, Centennial has issued one common share without par value in the capital stock of C
--->entennial (the "Centennial Share") for each twenty common shares in the capital of the Company (the "Shares") to holde
--->rs of the Shares as of May 31, 2016.  Centennial issued a total of 1,287,458 Centennial Shares pursuant to the Arrange
--->ment.

Glenwood has issued one common share without par value in the capital stock of Glenwood (the "Glenwood Share") for eac
--->h ten Shares to holders of the Shares as of May 31, 2016.  Glenwood issued a total of 2,575,900 Glenwood Shares pursua
--->nt to the Plan of Arrangement.

Direct registration statements representing the Centennial Shares and the Glenwood Shares will be mailed to holders of
---> the Shares as of the Record Date next week (assuming there is no disruption in postal service).

For further information, please contact Mr. Morgan Tincher at telephone no.: 604-304-4087 or fax no.: 604-909-2679 or 
--->view the Corporation's filings at www.SEDAR.com. 

ON BEHALF OF THE BOARD OF DIRECTORS 

"Morgan Tincher"
Morgan Tincher 
Chief Executive Officer 
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Ven
--->ture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding "Forward-Looking" Information 
Some of the statements contained in this press release are forward-looking statements and information within the meani
--->ng of applicable securities laws. Forward-looking statements and information can be identified by the use of words suc
--->h as "anticipates", "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words 
--->or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will"
---> be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject t
--->o a number of risks and uncertainties beyond the Corporation's control. Actual results and developments are likely to 
--->differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this
---> news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Corporation und
--->ertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required
---> by law.