PNG Gold Corporation Announces Name Change to Gen III Oil Corporation

VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 15, 2017) - PNG Gold Corporation (the "Company") (TSX VENTURE:PGK) is pleased to announce that it has changed its name to Gen III Oil Corporation. Effective at the start of trading on May 16, 2017, the Company will commence trading on the TSX Venture Exchange under the new name and the new stock symbol "GIII".

The name change does not affect the rights of the company's shareholders. No further action is required by existing shareholders with respect to the name change, and certificates representing common shares of PNG Gold Corporation will not need to be exchanged.

The Company's new CUSIP number is 36870B106 and its new ISIN number is CA36870B1067.

On Behalf of the Board of Gen III Oil Corporation

Greg Clarkes

Chief Executive Officer

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

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of PNG Gold Corporation. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company assumes no obligation to update forward-looking statements, except as required by applicable law.