Pacific Oil & Gas Limited Closes Acquisition of Canbriam Energy Inc.

“We welcome the Canbriam team to Pacific Oil and Gas Ltd,” said Ratnesh Bedi, President of PO&G. “Our intention is to continue to produce the cleanest natural gas from the Montney region, and to help reduce global GHG emissions by sharing that resource through international export.”

“We are pleased to close this acquisition and look forward to a seamless integration with Pacific Oil and Gas,” said Paul Myers, Canbriam’s President and Chief Executive Officer. “We expect to continue to responsibly develop our prolific, low-cost Montney resource to support future natural gas export opportunities in Canada.”

In connection with the closing of the acquisition of Canbriam, on June 18, 2019 PO&G issued a conditional redemption notice to the holders of its Senior Notes, due 2019, to retire the notes.

Macquarie Capital Markets Canada Ltd. acted as exclusive financial advisor to PO&G and Bennett Jones LLP is acting as legal counsel. RBC Capital Markets acted as financial advisor to Canbriam and Norton Rose Fulbright Canada LLP acted as legal counsel.

About Canbriam

Canbriam Energy Inc. is a private exploration and production company with a focus on liquids rich natural gas development. Its principal producing properties and acreage positions are in the Altares and Kobes Montney regions of northeast British Columbia. Canbriam is focused on generating full cycle value creation from its Montney assets in all commodity price cycles through ownership of all processing and water handling infrastructure, maintaining a low operating cost structure. The company was founded in 2007 and is headquartered in Calgary, Alberta with an office in Fort St. John, British Columbia.

About Pacific Oil & Gas

PO&G is an independent energy resources development company focused on helping meet the increasing energy requirements of growing Asian economies. It invests, develops, builds, owns and operates innovative and cost-competitive projects throughout the energy supply chain, while maintaining constant attention to its role as a responsible corporate citizen.

In Canada, PO&G owns the planned LNG export-terminal Woodfibre LNG, a project currently in preconstruction phase. Once built, Woodfibre will be the world’s cleanest LNG facility, using renewable hydro electricity to power the plant.

In the upstream sector, PO&G’s activities are concentrated on exploration, development and production of oil and gas on and around the island of Sumatra, Indonesia. Its midstream and downstream operations include the development of LNG receiving terminals and large-scale Combined Cycle Gas Turbine (CCGT) power plants in China.

Statement: Woodfibre LNG receives BC OGC Facilities Permit

VANCOUVER – Woodfibre LNG president David Keane made the following statement upon receipt of the BC OGC Facilities Permit:

“Following a rigorous process, Woodfibre LNG is pleased to have received our Facility Permit issued from the BC Oil and Gas Commission (BC OGC), one of the key permits required for construction and operation of the project.

“This is a positive step forward as we work to build the cleanest LNG export facility in the world.

“This permit specifies requirements the project must comply with for design, construction and operation of the Woodfibre LNG Project, with a focus on public and environmental safety.

“Previous to this permit, Woodfibre LNG is proud to have received three major environmental assessment approvals. Our environmental assessment process with the Squamish Nation is the first of its kind in Canada. The progress we have made would not be possible without the contributions and feedback made by our First Nation partners and the Squamish community.

“We are dedicated to bringing benefits to British Columbia through jobs and economic development, and ultimately a project that will have significant positive impact on global climate and human health.

“As we move towards construction, we will strive to exceed the high standards of public and environmental safety that are expected of us by the Canadian, B.C., and Squamish Nation governments, and the Squamish community.

“This permit is a large piece of our puzzle, and with it in place, we are working towards a final decision to proceed with this project this summer.”

The permit can be viewed by the public on the OGC website under the Woodfibre LNG Project: https://www.bcogc.ca/public-zone/major-projects-centre/woodfibre-lng