News

Oryx Petroleum Announces Extension of Filing Deadline and Other Developments

15 June 2020

Calgary, Alberta, June 15, 2020

Oryx Petroleum Corporation Limited (“Oryx Petroleum” or the “Corporation”) today announces

that, pursuant to the exemption provided in Alberta Securities Commission Blanket Order 51-517 – Temporary Exemption from Certain Corporate Finance Requirements published on March 23, 2020 and the equivalent substantively harmonized temporary exemptions in other jurisdictions (collectively, the “Filing Relief”), it will further postpone the filing of its interim consolidated financial statements and management’s discussion and analysis for the three-month period ended March 31, 2020 (together, the “Interim Documents”).

According to the Filing Relief, a person or company required to make certain filings during the period from March 23, 2020 to June 1, 2020 has an additional 45 days from the deadline otherwise applicable to make the filing. Oryx Petroleum now expects to file its Interim Documents no later than June 29, 2020.

As required by the Filing Relief, Oryx Petroleum discloses the following material business developments since May 13, 2020, the date of the last news release required by the Filing Relief:

• Average gross (100%) oil production for May 2020 was 3,800 bbl/d (working interest 2,500 bbl/d).
• Work is underway to resume production from the Banan field of the Hawler license area in the Kurdistan Region of Iraq in Q3 2020.
• The Corporation has received payment in accordance with Production Sharing Contract entitlements for all oil sale deliveries into the Kurdistan Oil Export Pipeline during April 2020. The Corporation expects the Ministry of Natural Resources to settle future monthly sales invoices by the end of the following month.
• Payment for all oil sale deliveries into the Kurdistan Oil Export Pipeline during November 2019 through February 2020 remain outstanding and amount to approximately US$39 million. The Kurdistan Regional Government’s Ministry of Natural Resources has indicated that payment of these outstanding invoices is not expected in 2020 and has not yet specified any terms or conditions for repayment.
• Notwithstanding restrictions related to the COVID-19 pandemic, including restrictions on access to the Corporation’s offices, Oryx Petroleum continues to safely operate the Hawler license area in the Kurdistan Region of Iraq.