/THIS PRESS RELEASE IS NOT FOR PUBLICATION OR DISSEMINATION IN THE UNITED
STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED
STATES SECURITIES LAW./
CALGARY, Nov. 17, 2017 /CNW/ - Manitok Energy Inc.
("Manitok" or the "Corporation") (TSXV: MEI) provides the following update related to its transaction with
Questfire Energy Corp. ("Questfire") and various other corporate matters it is pursuing. As announced by Questfire on
November 16, 2017, Questfire's lenders are seeking a court order to place Questfire in
receivership. As a result, Manitok's previously announced plan of arrangement transaction with Questfire is terminated.
Manitok has been aware of this possibility and has taken steps to preserve its ability to complete the acquisition of
Questfire's assets. Manitok has communicated with Questfire's receiver and its potential financiers regarding the dynamics
involved with the Questfire creditors and regulations now involved. Manitok continues to progress its two financing
alternatives, one involving debt alone and the other equity combined with debt, to the later stages of completion. Both
options are at the final stages of due diligence and once due diligence is completed successfully, would require about 10 to 14
days to finalize the definitive agreements.
About Manitok
Manitok is a public oil and gas exploration and development company focusing on Lithic Glauconitic light oil in southeast
Alberta and Cardium light oil in west central Alberta. The
Corporation utilizes its expertise, combined with the latest recovery techniques, to develop the remaining oil and liquids-rich
natural gas pools in its core areas of the Western Canadian Sedimentary Basin.
Forward-looking Information Cautionary Statement
This press release contains forward-looking statements. More particularly, this press release contains statements
concerning the timing of Manitok's financing alternatives.
The forward-looking statements in this press release are based on certain key expectations and assumptions made by Manitok,
including expectations and assumptions concerning the prevailing market conditions, the intentions of its lender, commodity
prices, and the availability of capital.
Although Manitok believes that the expectations and assumptions on which the forward-looking statements are based are
reasonable, undue reliance should not be placed on the forward-looking statements because Manitok can give no assurance that it
will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number
of factors and risks. These include, but are not limited to, risks associated with adverse market conditions, the inability of
Manitok to complete the financing alternatives at all or on the terms announced, not obtaining the required court, shareholder
and regulatory approvals, a lender not approving the extension or amendment to a credit facility and the risks associated with
the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in
plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; the
uncertainty of estimates and projections relating to production, costs and expenses; and health, safety and environmental risks),
uncertainty as to the availability of labour and services, commodity price and exchange rate fluctuations, unexpected adverse
weather conditions, general business, economic, competitive, political and social uncertainties, capital market conditions and
market prices for securities and changes to existing laws and regulations. More information about certain of these risks are set
out in the documents filed from time to time with the Canadian securities regulatory authorities, available on Manitok's SEDAR
profiles at www.sedar.com.
Forward-looking statements are based on estimates and opinions of management of Manitok at the time the statements are
presented. Manitok may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether
as a result of new information, future events or otherwise, but Manitok undertakes no obligation to update or revise any
forward-looking statements, except as required by applicable securities laws.
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.
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.
SOURCE Manitok Energy Inc.
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