Spartan Energy Corp. Announces Shareholder and Court Approval of Arrangement

CALGARY, Alberta, May 25, 2018 (GLOBE NEWSWIRE) -- Spartan Energy Corp. ("Spartan" or the "Company") (TSX:SPE) is pleased to announce that it has obtained approval from the holders (the "Spartan Shareholders") of common shares of Spartan (the "Spartan Shares") at a special meeting of Spartan Shareholders (the "Meeting") held today to consider the proposed plan of arrangement (the "Arrangement") pursuant to which Vermilion Energy Inc. will acquire all of the outstanding Spartan Shares, as previously announced by Spartan on April 16, 2018.

The Arrangement was approved by: (i) 96.23% of the votes cast by Spartan Shareholders present in person or represented by proxy at the Meeting; and (ii) 95.85% of the votes cast by minority Spartan Shareholders (after excluding the Spartan Shares of those persons required by Multilateral Instrument 61-101 of the Canadian Securities Administrators).

Following the requisite Spartan Shareholder approvals having been obtained at the Meeting, Spartan obtained a final order of the Court of Queen's Bench of Alberta approving the Arrangement. Spartan anticipates that the Arrangement will close on or about May 28, 2018, subject to the satisfaction or waiver of all other conditions to the Arrangement.

ABOUT SPARTAN

Spartan is a company actively engaged in the business of oil and gas exploration, development, acquisition and production in Alberta and Saskatchewan. The Spartan Shares are listed and posted for trading on the Toronto Stock Exchange under the symbol "SPE".  Spartan is headquartered in Calgary, Alberta.

FURTHER INFORMATION

Forward Looking Statements

This press release contains forward-looking statements within the meaning of applicable securities laws. More particularly and without limitation, this press release contains forward-looking statements regarding the proposed Arrangement and closing of the Arrangement.  All statements, other than statements of historical facts, that address activities that Spartan assumes, anticipates, plans, expects, believes, projects, aims, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements.  All of the forward-looking statements in this release are qualified by the assumptions that are stated or inherent in such forward-looking statements. Although Spartan believes these assumptions are reasonable, they are not exhaustive of the factors that may affect any of the forward-looking statements and the reader should not place undue reliance on these assumptions and such forward-looking statements. No assurance can be given that these factors, expectations and assumptions will prove to be correct. Completion of the Arrangement is subject to a number of conditions which are typical for transactions of this nature. Failure to satisfy any of these conditions may result in the termination of the arrangement agreement.

The forward-looking statements provided in this press release are based on management's current belief, based on currently available information, as to the outcome and timing of future events. Spartan cautions that its intention to proceed with the Arrangement and other forward-looking statements relating to Spartan are subject to all of the risks and uncertainties normally incident to such endeavors. These risks relating to Spartan include, but are not limited to, that the Arrangement is not completed on the announced terms or at all. Furthermore, the forward-looking statements contained herein are made as at the date hereof and Spartan does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the completion of the Arrangement as well as Spartan's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or the Company's website (www.spartanenergy.ca).