Claren Energy Corp V.CEN.H

Claren Energy Provides Additional Operations Update

[GAMOOD2]

TORONTO, ONTARIO--(Marketwired - Jan. 24, 2017) - Claren Energy Corp. ("Claren" or the "Company") (TSX VENTURE:CEN) is pleased to provide a further wellsite operations update. In order to prepare the Bobocu 310 side-track ("B310-ST1") for well-testing operations, B310-ST1 has been cased, cemented, and all surface facilities installed at the well-head in preparation for testing.

The MR-8000 drilling rig has been released. A more agile service rig has been mobilized to the site, to facilitate both the logging and additional testing of the well.

The Company plans to not only complete drill stem tests ("DST's") on the Lobe G and Corcova sandstone reservoirs, but also test the additional gas sands above Lobe G (Lobes K, J and H) more cost effectively. For risk mitigation purposes Claren will perform cased-holed versus open-hole wireline logging. Cased-hole wireline logging will also provide further insight into selecting the prospective reservoir units to be tested. Well testing operations will commence shortly after the cased-hole logging program has been completed.

"We are pleased that this well has validated our geological model within the Bobocu Gas Field. The incoming service rig is planned to evaluate all selected reservoir units, and will do so in a more cost effective manner. We look forward to completing our testing program and subsequent disclosure of results," stated Henry Aldorf, Claren's Chairman and CEO.