CALGARY, ALBERTA--(Marketwired - July 15, 2016) - GRANITE OIL CORP.
("Granite") (TSX:GXO)(OTCQX:GXOCF) is pleased to announce that a dividend of $0.035 per common share will be
paid in cash on August 15, 2016 to shareholders of record on July 31, 2016 with an ex-dividend date of July 27, 2016. This
dividend has been designated as an "eligible dividend" for Canadian income tax purposes.