Petrocapita Announces Statement of Claim Against Petrocapita Oil and Gas L.P.

CALGARY, Alberta, May 27, 2019 (GLOBE NEWSWIRE) -- Petrocapita Income Trust (CSE:PCE.UN) ("Petrocapita" or the "Trust") announces that as of May 22, 2019, Petrocapita Oil and Gas L.P. was served a Statement of Claim by Safeway Holdings (Alberta) Ltd (the "Claim"). The Claim seeks full payment to Safeway in the amount of $8,069,520.55 (plus costs), and the appointment of a receiver. Petrocapita Oil and Gas L.P. does not plan to dispute the Claim.

Until a receiver is appointed Petrocapita Oil and Gas L.P. plans to maintain economic production and to continue to seek transactions that may assist in dealing with the current situation.

Petrocapita Oil and Gas L.P. intends to keep the oil and gas regulators in Alberta and Saskatchewan fully aware of the Claim status.

This press release may be viewed on the Canadian Securities Exchange (CSE) and the System for Document Analysis and Retrieval ("SEDAR") and may be accessed at www.sedar.com. For further information, please contact:

Richard Mellis, President
Telephone: (587) 393-3459

OR

Gregory Marr, CFO, Investor Relations
Telephone: (587) 393-3461

FORWARD LOOKING INFORMATION:

Certain statements and information contained in this news release constitute forward-looking statements and forward-looking information as defined under applicable securities legislation (collectively, "forward-looking statements"). These forward-looking statements relate to future events or Petrocapita's future performance. All statements other than statements of historical fact are forward-looking statements. The use of any of the words "anticipate", "plan", "contemplate", "continue", "estimate", "expect", "intend", "propose", "might", "may", "will", "shall", "project", "should", "could", "would", "believe", "predict", "forecast", "pursue", "potential" and "capable" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties.

Readers are cautioned that the risk factors set forth above should not be construed as exhaustive. Additional information on risks, uncertainties and factors that could affect the foregoing forward-looking information and/or Petrocapita's operations or results therefrom is included in its filings with the securities commissions which have been filed under Petrocapita's profile on SEDAR (www.sedar.com).

Although the forward-looking statements contained in this news release are based upon what Petrocapita's management believes to be reasonable assumptions, Petrocapita cannot assure investors that actual results will be consistent with such information. Forward-looking statements reflect management's current beliefs and are based on information currently available to Petrocapita. Petrocapita cautions readers not to place undue reliance on Petrocapita's forward-looking statements. The forward-looking statements are made as of the date of this news release and Petrocapita assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable securities laws.