News

Oryx Petroleum Announces Pricing of CAD$223,987,500 Offering of Common Shares

11 July 2014

Calgary, Alberta, July 11, 2014

Oryx Petroleum Corporation Limited (“Oryx Petroleum” or the “Corporation”) (TSX: OXC) announced today that it has priced an underwritten public offering of 19,910,000 common shares of the Corporation (“Common Shares”) at a price of CAD$11.25 per Common Share (the “Offering”) for aggregate gross proceeds of CAD$223,987,500.

CAD$159,862,500 (approximately US$ 150 million) of the Offering is to be sold by Oryx Petroleum directly to The Addax and Oryx Group Limited (“AOG”) at closing and the Offering is conditional on the concurrent completion of the sale to AOG.

The Common Shares will be publicly offered in each province of Canada other than Québec under the Corporation’s previously filed final short form base shelf prospectus dated January 27, 2014 (the “Prospectus”). Oryx Petroleum has also filed with applicable securities regulators in each of the provinces of Canada a final prospectus supplement to the Prospectus (the “Supplement”) relating to the Offering. Copies of the Prospectus and the Supplement are available under Oryx Petroleum’s profile on SEDAR (www.sedar.com).

The Offering is underwritten by a syndicate of underwriters (collectively, the “Underwriters”) comprised of BMO Capital Markets and Citigroup Global Markets Canada Inc., as global coordinators and bookrunners, and Merrill Lynch Canada Inc., RBC Capital Markets and Scotia Capital Inc., as joint bookrunners, and FirstEnergy Capital Corp.

Oryx Petroleum intends to use the net proceeds from the Offering, together with its cash on hand of approximately US$89 million as of May 31, 2014, to fund the US$261 million balance of the lower range of Oryx Petroleum’s reforecasted capital expenditure program for the fiscal year 2014, US$17 million in contingent payments and license acquisition fees, and for general working capital purposes.

The closing of the Offering is expected to occur on or about July 18, 2014 or such other date that the Corporation and the Underwriters agree and is subject to certain conditions. The Corporation has received conditional approval of the listing of the Common Shares issuable under the Offering on the Toronto Stock Exchange (the “TSX”). Listing will be subject to satisfying all of the requirements of the TSX.