Paleo Resources Announces Release of Year End Results and Update on Release of Q1 2020 Results

SAN ANTONIO, May 29, 2020 (GLOBE NEWSWIRE) -- Paleo Resources, Inc. ("Paleo" or the "Corporation") (TSX-V: PRE, OTCQB: PRIEF) announces that, further to its April 29, 2020 news release in relation to the timing of the filing of its year end financial statements, the Corporation announces that it has filed its year end 2019 financial statements, MD&A and reserves data today.

The Corporation also announces that due to logistics and delays caused by the COVID-19 pandemic, it is relying on the exemption ?provided in Alberta Blanket Order 51-517 Temporary Exemption from Certain Corporate Finance Requirements (the "Alberta Order") of the Alberta Securities Commission (and similar exemptions ?provided by the securities commissions in British Columbia and Ontario) to postpone the filing of the ?following continuous disclosure documents (collectively the "Interim Documents"):

• the Corporation's unaudited financial statements for the interim period ended March 31, 2020, as required by section 4.2 of National Instrument 51-102 - Continuous Disclosure ?Obligations ("NI 51-102");? and

• the Corporation's Management Discussion & Analysis for interim period ended March 31, 2020, as required by section 5.1(2) of NI 51-102.

According to the Alberta Order, during the period from March 23, 2020 to June 1, 2020, a person or ?company required to make certain filings as described in the Alberta Order has an additional 45 ?days from the deadline otherwise applicable under Alberta securities laws to make the filing. Paleo expects to file the Interim Documents by no later than July 14, 2020.?

Until the ?Corporation has filed the Interim Documents, members of the Corporation's management and other insiders are subject to an insider trading black-out period as per its internal Insider Trading Policy that is consistent with the principles in Section 9 of National Policy 11-207 - Failure-to-File ?Cease Trade Orders and Revocations in Multiple Jurisdictions.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Paleo Resources, Inc. is an oil and natural gas and mineral exploration company headquartered in San Antonio, Texas.

For further information please contact:

Thomas M. Crain, Jr.
President
Email: [email protected]

Paleo Resources, Inc.
716 S. Frio St., Suite 201
San Antonio, Texas 78207
Telephone: 254-699-0975

Forward Looking Statements

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the filing of the Documents, including the timing for the filing of the Documents. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects the Paleo's current beliefs and is based on information currently available to Paleo and on assumptions Paleo believes are reasonable. These assumptions include, but are not limited to: the ability of Paleo to complete the Documents in the noted timeframe. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Paleo to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, political and social uncertainties; general capital market conditions; delay or failure to receive board approvals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Paleo's disclosure documents on the SEDAR website at www.sedar.com. Although Paleo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Paleo as of the date of this news release and, accordingly, is subject to change after such date. However, Paleo expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.