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Paris Energy Inc. and Mapan Energy Ltd. Announce Increase to Bought Deal Financing from $115.0 Million to $126.6 Million


Paris Energy Inc. (TSX VENTURE: PI) ("Paris") and Mapan Energy Ltd. ("Mapan"), are pleased to announce that Mapan has increased its previously announced bought deal private placement with a syndicate of underwriters co-led by FirstEnergy Capital Corp. and GMP Securities L.P. and including Canaccord Genuity Corp. and Raymond James Ltd. (together, the "Underwriters"), whereby Mapan will now issue 63,300,000 subscription receipts at a price of $2.00 per subscription receipt for aggregate gross proceeds of $126,600,000.

As previously disclosed, the proceeds of the private placement will used to fund the acquisition by Mapan of certain oil and gas properties and infrastructure located in the Deep Basin of West Central Alberta and Northeastern British Columbia.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities issued pursuant to the private placement described herein may not be offered or sold in the United States absent registration or applicable exemptions from the registration requirements.

ADVISORY: This press release contains forward looking statements. More particularly, this press release contains forward looking statements concerning the private placement. Although Paris and MAPAN believe that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because neither Paris nor MAPAN can give assurances that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The closing of the private placement could be delayed if Paris and Mapan are not able to obtain the necessary stock exchange approvals on the planned timelines, and the private placement may not be completed at all if these approvals are not obtained or some other condition to closing is not satisfied or the underwriters exercise one or more of their termination rights in respect of the private placement. Actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur. Additional information on these and other factors that could affect Paris and MAPAN are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). The forward looking statements contained in this press release are made as of the date hereof and neither Paris nor MAPAN undertakes any obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

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

Richard A. Walls
President & CEO
[email protected]

Jennifer Dugdale
Chief Financial Officer
[email protected]

Ron Kisic
VP & General Counsel
[email protected]

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