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Goldman, Sachs & Co. Acquires Common Shares of Prairie Provident Resources Inc. as a Result of Business Combination of Lone Pine Resources Canada Inc. and Arsenal Energy Inc.

NEW YORK, NEW YORK -- (Marketwired) -- 09/22/16 -- Goldman, Sachs & Co. ("GS&Co") reported today that it acquired 14,791,375 common shares ("Common Shares") of Prairie Provident Resources Inc. (the "Issuer") as a result of the business combination (the "Arrangement") of Lone Pine Resources Canada Ltd. ("Lone Pine") and Arsenal Energy Inc., such that GS&Co now beneficially owns, controls and directs more than 10% of the outstanding Common Shares of the Issuer.

The Arrangement was effected pursuant to a plan of arrangement under the Business Corporations Act (Alberta), which was approved by the affected securityholders of each company at meetings held on September 8, 2016, and by the Court of Queen's Bench of Alberta on September 9, 2016. The Arrangement was completed on September 13, 2016 and the shares of the Issuer began trading under the name of "Prairie Provident Resources Inc." on the Toronto Stock Exchange on September 16, 2016.

Prior to the Arrangement, GS&Co held 4,019,793 common shares of Lone Pine and 15,476,905 preferred shares of Lone Pine (collectively, the "Lone Pine Shares") and did not beneficially own, or control and direct any Common Shares. Pursuant to the plan of arrangement, the Lone Pine Shares were exchanged for Common Shares on the basis of 0.5544092 Common Shares for each common share of Lone Pine and 0.8117105 Common Shares for each preferred share of Lone Pine.

As a result of the Arrangement, GS&Co now beneficially owns, controls and directs 14,791,375 Common Shares representing in aggregate 15.1% of the issued and outstanding Common Shares (calculated based on 97,730,618 Common Shares reported by the Issuer as being outstanding as of September 8, 2016).

GS&Co holds the Common Shares for investment purposes only and may, subject to applicable law and depending on market and other conditions, or as future circumstances may dictate, from time to time, increase or decrease its beneficial ownership, control or direction over Common Shares through market transactions, private agreements, treasury issuances or otherwise, all in accordance with applicable laws.

This press release is being issued pursuant to the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators (the "National Instrument"). A copy of the report to be filed by GS&Co in connection with the transactions described herein (the "Report") will be available on the Issuer's SEDAR profile at www.sedar.com, and can also be obtained by contacting Michael DuVally of GS&Co at the telephone number listed below.

In accordance with Section 5.1 of the National Instrument, the Report and this press release reflect the Common Shares beneficially owned or controlled and directed by GS&Co. The Report and this press release do not reflect Common Shares, if any, beneficially owned or controlled and directed by any business units of its affiliates or associates whose beneficial ownership or control and direction over Common Shares is disaggregated from that of GS&Co in accordance with the National Instrument.

The Issuer is located at 1100, 640 - 5th Avenue S.W. Calgary, Alberta T2P 3G4 Canada. GS&Co is located at 200 West Street, New York, New York 10282 USA.

Contacts:
Goldman, Sachs & Co.
Michael DuVally
212-902-2605

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