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Oryx Petroleum Third Quarter 2017 Financial and Operational Results and 2018 Capital Budget

CALGARY, Nov. 8, 2017 (Canada NewsWire via COMTEX) --

Higher average production and sales, continued payments for oil sales, and higher netbacks; 2018 plans include further appraisal drilling in the Hawler license area and preparation for exploration drilling in the AGC Central license area

Oryx Petroleum Corporation Limited ("Oryx Petroleum" or the "Corporation") today announces its financial and operational results for the three and nine months ended September 30, 2017 as well as its 2018 capital expenditure budget. All dollar amounts set forth in this news release are in United States dollars, except where otherwise indicated.

Q3 2017 Financial Highlights:

    --  Total revenues of $9.8 million on working interest sales of
        215,800 barrels of oil ("bbl") and an average realised sales
        price of $41.07/bbl
  o 38% increase in revenues versus Q2 2017 and 46% increase in
    revenues versus Q3 2016
  o The Corporation has received full payment in accordance with
    production sharing contract entitlements for all oil sales into the
    Kurdistan Export Pipeline through July 2017
    --  Operating expenses of $3.4 million ($15.59/bbl) and an Oryx
        Petroleum Netback(1) of $9.02/bbl
  o Lower operating expenses and higher netback versus Q2 2017
  o Highest netback achieved since 2015
    --  General and administration expenses of $2.2 million
  o 14% lower versus Q2 2017 but unchanged versus Q3 2016 due to the
    inclusion of approximately $0.8 million of costs for technical
    support that had been applied to capital projects in periods prior
    to 2017
    --  Net loss of $5.9 million ($0.01 per common share) versus net
        loss of $8.7 million ($0.04 per common share) in Q3 2016
    --  Net cash used in operating activities of $4.6 million versus
        $2.1 million in Q3 2016. Q3 2017 result consists of negative
        Operating Cash Flow(2) of $0.6 million and a $4.0 million
        increase in non-cash working capital
    --  Cash used in investing activities was $6.5 million and includes
        payments related to drilling and facilities work in the Hawler
        license area, seismic processing and interpretation costs in
        the AGC Central license area, and reductions in accounts
        payable
    --  $46.3 million of cash and cash equivalents as of September 30,
        2017
    --  The total balance owed under the amended Loan Agreement with
        The Addax and Oryx Group ("AOG") was $79.2 as at September 30,
        2017, including $3.1 million in accrued interest which will be
        settled through the issuance of common shares
    --  The total balance of principal and accrued interest potentially
        owed under the contingent consideration obligation to the
        vendor of the Hawler license area was $71.2 million as at
        September 30, 2017


_______________________________(1) Oryx Petroleum Netback is a non-IFRS measure. See the table below for a definition of and other information related to the term.(2) Operating Cash Flow is a non-IFRS measure. See the table below for a definition of and other information related to the term.

Operations Update:

    --  Average gross (100%) oil production of 3,600 bbl/d in Q3 2017
        vs 2,900 bbl/d in Q2 2017
  o Commencement of production from the ZAB-1 sidetrack well ("ZAB-1ST
    well") in August 2017
  o Average gross (100%) oil production of 3,800 bbl/d in October 2017
    --  Drilling of the ZAB-1ST well was completed in July 2017 in the
        Cretaceous reservoir of the Zey Gawra field. After an acid
        stimulation treatment in August 2017 daily oil production from
        the well has been increased to approximately 700 bbl/d
  o Based on the well performance of the ZAB-1ST well and the Zey
    Gawra-1 sidetrack well ("ZEG-1ST well"), the Corporation plans to
    proceed with the drilling of another appraisal well targeting the
    Zey Gawra Cretaceous reservoir. The mobilisation of a rig to drill
    this well has been delayed due to post-independence referendum
    tensions between the government of the Kurdistan Region ("KRG") and
    the federal government of Iraq and is now expected to occur in
    early Q1 2018 or as soon as conditions improve
    --  Workovers of the Demir Dagh-8 and Demir Dagh-7 wells in the
        Cretaceous reservoir are ongoing
  o Initial efforts to bring these wells on production have not
    succeeded with additional efforts planned in the coming weeks
    --  Preparations for the resumption of operations at the Banan
        field are underway with the re-entry of the Banan-2 well
        targeting the Cretaceous reservoir and the drilling of a new
        well targeting the Tertiary reservoir planned in the first half
        of 2018. Resumption of operations at the Banan field requires
        authorisation from the KRG
    --  Full processing and interpretation of 1,921 km(2) of 3D seismic
        data covering the AGC Central license area is ongoing
  o Finalisation of prospect identification and mapping is expected
    before the end of 2017 with exploration drilling planned in 2019
    --  On November 2, 2017 the Corporation relinquished its 80%
        interest in the AGC Shallow license area and, in connection
        with such relinquishment, has agreed to transfer the
        outstanding well commitment to the AGC Central license area
    --  Oryx Petroleum has commenced efforts to divest its interests in
        the Haute Mer A and Haute Mer B license areas in Congo
        (Brazzaville)


Q4 2017 Forecasted and 2018 Budgeted Capital Expenditures:

    --  Oryx Petroleum re-forecasted capital expenditures for Q4 2017
        are $8 million:
  o Continued efforts to bring the Demir Dagh-7 and Demir Dagh-8 wells
    online and mobilisation/site remediation at the Banan field in the
    Hawler license area, AGC Shallow relinquishment settlement, license
    maintenance and technical support costs
    --  Oryx Petroleum budgeted capital expenditures for 2018 are $55
        million:
  o $40 million dedicated to the Hawler license area: 8 wells including
    two short-radius sidetrack wells targeting Demir Dagh Cretaceous,
    two wells targeting the Zey Gawra Cretaceous, re-entry of existing
    Banan-2 well targeting the Banan Cretaceous and three wells
    targeting the Banan Tertiary; flowlines and required facilities
    modifications needed to accommodate incremental production

    $15 million dedicated to the AGC Central license area including
    preparations for exploration drilling in 2019, and a contingent
    payment for 3D seismic acquisition and processing required upon the
    expected entering of the first renewal of the exploration period in
    September 2018


Liquidity Outlook:

    --  Oryx Petroleum expects that cash on hand as of September 30,
        2017 and cash receipts from net revenues will allow it to fund
        its forecasted cash capital expenditures and its cash operating
        and administrative costs and to meet its obligations through
        late 2018


CEO's Comment

Commenting today, Oryx Petroleum's Chief Executive Officer, Vance Querio, stated:

"During Q3 2017 we increased average daily production and sales by 24% versus Q2 2017 due to the addition of production from the ZAB-1ST well. Gross (100%) oil production averaged 3,600 bbl/d in Q3 2017 and 3,800 bbl/d in October 2017. All production has been sold via the export pipeline and payments for export sales through the end of July have been received in full. Higher sales volumes combined with higher realised oil prices helped us achieve higher net revenue and our highest quarterly netback since 2015.

In recent weeks we have conducted workovers of the Demir Dagh-8 and Demir Dagh-7 wells attempting to re-complete both wells in the Shiranish formation in the Cretaceous reservoir. Efforts to bring the wells on to production, including acid stimulation, have not yet succeeded and additional efforts are planned in the coming weeks.

We have not experienced any meaningful disruptions to our production operations or delays in receiving sales revenue due to disputes resulting from the Kurdistan Region independence referendum. However, we are delaying further drilling activity until the uncertainty around governance of the oil industry in the Kurdistan Region is addressed and the travel restrictions that restrict our ability to mobilise equipment and personnel are lifted.

Full processing and interpretation of 3D seismic data covering the AGC Central license area is in advanced stages. Initial results are very encouraging with several large prospects identified. Prospect identification and mapping is expected to be completed by the end of 2017 with exploration drilling planned in 2019.

We continue to make progress managing and restructuring legacy obligations and commitments. In recent days we have finalised an agreement with the authorities governing the AGC license areas to relinquish the AGC Shallow license and transfer the unfulfilled work commitment to the AGC Central license area for a modest cost. The agreement allows us to defer a sizable obligation otherwise due in March 2018 to a license where we plan significant activity in the next couple of years. We have also commenced efforts to divest our interests in Congo (Brazzaville).

Our 2018 capital budget is focused on our core license areas: the Hawler license in the Kurdistan Region, and the AGC Central license offshore Senegal and Guinea Bissau. In the Hawler license our program includes the drilling or re-entry of eight wells and has been designed to allow us to significantly increase production and better define the development potential of the three key fields in the license. Our budgeted capital expenditures in the AGC Central license are almost all in the second half of 2018 and include a final payment for the acquisition of 3D seismic data currently being processed and interpreted, and preparations for exploration drilling planned in 2019.

We expect that cash on hand and cash receipts from net revenues will allow us to fund forecasted capital expenditures and operating and administrative costs through late 2018.

We look forward to implementing our plans in 2018 and achieving both higher production in the Hawler license and preparing for an exciting exploration drilling program in the AGC Central license area in 2019."

Selected Financial Results

Financial results are prepared in accordance with International Financial Reporting Standards ("IFRS") and the reporting currency is US dollars. References in this news release to the "Group" refer to Oryx Petroleum and its subsidiaries. The following table summarises selected financial highlights for Oryx Petroleum for the three and nine month periods ended September 30, 2017 and September 30, 2016 as well as the year ended December 31, 2016.


                    Three Months Ended    Nine Months Ended    Year Ended
                       September 30         September 30       December 31
                       ------------         ------------       -----------

    ($ in
     millions
     unless
     otherwise
     indicated)        2017         2016     2017         2016          2016
    -----------        ----         ----     ----         ----          ----


    Revenue             9.8          6.7     24.9         15.0          22.8
    -------             ---          ---     ----         ----          ----


    Working
     Interest
     Oil
     Production
     (bbl)          215,100      172,000  555,400      402,000       588,000

    Average WI
     Oil
     Production
     per day
     (bbl/d)          2,300        1,900    2,000        1,500         1,600

    Working
     Interest
     Oil Sales
     (bbl)          215,800      172,100  554,200      411,300       593,300

    Average
     Sales Price
     ($/bbl)          41.07        35.19    40.38        32.78         34.61
    ------------      -----        -----    -----        -----         -----


    Operating
     Expense            3.4          2.8     11.6          9.6          12.6

    Field
     production
     costs
     ($/bbl)(1)       11.92        12.61    16.07        17.78         16.28

    Field
     Netback
     ($/bbl)(2)        8.14         4.58     3.65       (1.76)         0.63

    Operating
     expenses
     ($/bbl)          15.59        16.50    21.02        23.25         21.28

    Oryx
     Petroleum
     Netback
     ($/bbl)(3)        9.02         4.59     3.17       (3.60)       (0.54)
    -----------        ----         ----     ----        -----         -----


    Loss              (5.9)       (8.7)  (10.9)      (39.5)       (65.7)

    Loss per
     Share
     ($/sh)          (0.01)      (0.04)  (0.03)      (0.19)       (0.31)
    --------          -----        -----    -----        -----         -----


    Operating
     Cash
     Flow(4)          (0.6)       (0.6)   (5.1)       (7.6)        (9.2)

    Net Cash
     generated
     by (used
     in)
     operating
     activities       (4.6)       (2.1)   (3.6)      (10.9)       (11.5)

    Net Cash
     used in
     investing
     activities         6.5          7.6     20.8         29.4          34.7

    Capital
     Expenditure(5)     3.8          4.2    (1.3)        25.8          36.3
    ---------------     ---          ---     ----         ----          ----


    Cash and
     Cash
     Equivalents       46.3         46.6     46.3         46.6          40.7

    Total Assets      768.6        780.8    768.6        780.8         766.4

    Total
     Liabilities      190.5        236.7    190.5        236.7         237.9

    Total Equity      578.1        544.1    578.1        544.1         528.6
    ============      =====        =====    =====        =====         =====

    (1)              Field production costs represent Oryx
                     Petroleum's working interest share of
                     gross production costs and exclude
                     the partner share of production costs
                     carried by Oryx Petroleum.

    (2)              Field Netback is a non-IFRS measure
                     that represents the Group's working
                     interest share of oil sales net of
                     the Group's working interest share of
                     royalties, the Group's working
                     interest share of operating expenses
                     and the Group's working interest
                     share of taxes. Management believes
                     that Field Netback is a useful
                     supplemental measure to analyse
                     operating performance and provides an
                     indication of the results generated
                     by the Group's principal business
                     activities prior to the consideration
                     of production sharing contract and
                     joint operating agreement financing
                     characteristics, and other income and
                     expenses. Field Netback does not have
                     a standard meaning under IFRS and may
                     not be comparable to similar measures
                     used by other companies.

    (3)              Oryx Petroleum Netback is a non-IFRS
                     measure that represents Field
                     Netbacks adjusted to reflect the
                     impact of carried costs incurred and
                     recovered through the sale of cost
                     oil during the reporting period.
                     Management believes that Oryx
                     Petroleum Netback is a useful
                     supplemental measure to analyse the
                     net cash impact of the Group's
                     principal business activities prior
                     to the consideration of other income
                     and expenses. Oryx Petroleum Netback
                     does not have a standard meaning
                     under IFRS and may not be comparable
                     to similar measures used by other
                     companies.

    (4)              Operating Cash Flow is a non-IFRS
                     measure that represents cash
                     generated from operating activities
                     before changes in non-cash working
                     capital and changes in the retirement
                     benefit obligation balance. The term
                     Operating Cash Flow should not be
                     considered an alternative to or more
                     meaningful than "cash flow from
                     operating activities" as determined
                     in accordance with IFRS. Management
                     considers Operating Cash Flow to be a
                     key measure as it demonstrates the
                     Group's ability to generate the cash
                     flow necessary to fund future growth
                     through capital investment. Operating
                     Cash Flow does not have any
                     standardised meaning prescribed by
                     IFRS and may not be comparable to
                     similar measures used by other
                     companies.

    (5)              Capital Expenditure for the nine
                     month period ended September 30,
                     2017 includes credits of $7.3
                     million reflecting revisions of
                     previously estimated costs related
                     to the Hawler and OML 141 license
                     areas.

    --  Revenue increased 46% to $9.8 million in Q3 2017 versus $6.7
        million in Q3 2016 due to a 25% increase in oil sales volumes
        and a 17% increase in average realised oil sales prices. Gross
        (working interest) production and sales of oil in Q3 2017 were
        215,100 barrels and 215,800 barrels, respectively, versus
        172,000 and 172,100 barrels, respectively, for Q3 2016. The
        average oil sales price realised in Q3 2017 was $41.07 per
        barrel versus $35.19 for Q3 2016. In addition to oil sales,
        revenue includes the recovery of carried costs.
    --  Operating expenses in Q3 2017 increased 21% to $3.4 million
        from $2.8 million in Q3 2016 due to the costs associated with
        the operation of the Zey Gawra field that commenced production
        in December 2016 partially offset by lower operating costs at
        the Demir Dagh field resulting from the implementation of a
        cost reduction program. Operating expenses on a per barrel
        basis remain significantly higher than expected over the longer
        term due to low production levels relative to expected field
        plateau production levels. Per barrel operating expenses are
        expected to improve in Q4 2017 and 2018 but will continue to be
        at elevated levels prior to achieving production and sales
        levels closer to expected field plateau production levels. Oryx
        Petroleum currently carries the Kurdistan Regional Government's
        share of production costs. The Oryx Petroleum Netback in Q3
        2017 of $9.02 per barrel reflects the Field Netback plus
        adjustments for carried costs.
    --  Net loss for Q3 2017 was $5.9 million as compared to $8.7
        million in Q3 2016. The reduced loss is primarily attributable
        to i) an increase in net revenue of $1.7 million in Q3 2017
        versus Q3 2016, and ii) a $1.6 million decrease in finance
        expense in Q3 2017 versus Q3 2016 due to the lower outstanding
        balance of the loan facility provided by AOG during Q3 2017.
        These positive factors were partially offset by a $0.5 million
        increase in operating expense for Q3 2017 versus Q3 2016.
    --  Operating Cash Flow was negative $0.6 million for Q3 2017
        compared to negative $0.6 million in Q3 2016. Higher revenues
        in Q3 2017 versus Q3 2016 were offset by higher cash
        expenditures in Q3 2017 versus Q3 2016.
    --  Cash used in operating activities increased to $4.6 million in
        Q3 2017 as compared to $2.1 million in Q3 2016. The increase
        reflects higher increases in non-cash working capital in Q3
        2017 versus Q3 2016, including a payment of $5.4 million to the
        vendor of the Hawler license related to the contingent
        consideration obligation.
    --  Cash used in investing activities decreased to $6.5 million in
        Q3 2017 as compared to $7.6 million in Q3 2016.
    --  Capital expenditures in Q3 2017 were $3.8 million, as compared
        to $4.2 million in Q3 2016. Capital expenditures during Q3 2017
        included $3.4 million related to appraisal activities on the
        Demir Dagh and Zey Gawra fields, and $0.4 million related to
        the processing and interpretation of 3D seismic data in the AGC
        Central license area.
    --  Cash and cash equivalents decreased to $46.3 million at
        September 30, 2017 from $57.4 million at June 30, 2017
        reflecting negative Operating Cash Flow, capital expenditures,
        and movements in non-cash working capital.
    --  In March 2015, Oryx Petroleum entered into a Loan Agreement
        with AOG whereby AOG committed to provide a $100 million
        unsecured credit facility to Oryx Petroleum. As at September
        30, 2017 the balance owing under the facility totalled $79.2
        million, including $3.1 million in accrued interest which will
        be settled through the issuance of common shares.
  o Maturity date: July 1, 2019
  o Interest accrued after May 11, 2017 to be paid out in common shares
    approximately every six months, rather than in cash upon maturity,
    at the then current five day volume-weighted average trading price
    for the common shares
    --  The Corporation is obligated to make further payments to the
        vendor of the Hawler license area contingent upon declaration
        of commerciality of a second discovery in the Hawler license
        area.
  o As at September 30, 2017, the total balance of principal and
    accrued interest owed under the contingent consideration obligation
    was $71.2 million. The remaining principal balance plus accrued
    interest to be paid in four annual instalments beginning September
    30, 2018
  o If the Corporation has not declared a second commercial discovery
    by September 30, 2018, the instalment payment schedule will no
    longer apply and the contingent consideration obligation, if
    subsequently triggered by a second commercial discovery, will
    revert to a lump-sum payment obligation
    --  As at November 8, 2017, 433,434,255 common shares are
        outstanding. As at November 8, 2017 there are unvested Long
        Term Incentive Plan awards which will result in the issuance of
        up to an additional 9,786,196 common shares upon vesting.


Q4 2017 Forecasted Capital Expenditures

Oryx Petroleum's re-forecasted capital expenditures for Q4 2017 amount to $8 million and include continued efforts to bring the Demir Dagh-7 and Demir Dagh-8 wells online and mobilisation/site remediation at the Banan field in the Hawler license area, AGC Shallow relinquishment settlement, license maintenance and technical support costs.


     Location              License/Field/
                              Activity      Q4 2017 Forecast
     --------                -------------- ----------------

                                                       $ millions
                                                       ----------


      Kurdistan Region Hawler

                       Drilling                                1

                       Facilities                              2

                       Other                                   2

                       Total Hawler                            5

           West Africa AGC Central                             3
           =========== ===========                           ===

                             Capex Total                     8
                             ===========                   ===

2018 Budgeted Capital Expenditures

Oryx Petroleum budgeted capital expenditures for 2018 are $55 million. The following table summarises the Corporation's budgeted 2018 capital expenditure program:


                Location License/Field        Drilling           Facilities          Seismic&        Total
                                                                                  Studies and         2018
                                                                                   Other(2)       Budget
    ---                                                                       ---     ------        ------

                                                $ millions           $ millions    $ millions   $ millions
                                                ----------           ----------    ----------   ----------

    Kurdistan
     Region              Hawler

                         Demir Dagh                        5       2                         -            7

                         Zey Gawra                        11                  -             -           11

                         Banan                            14       6                         -           20

                         Other(2)                          -                 -             2             2

                                       Total Hawler              30             8              2            40

    W. Africa &
     Corp                AGC Central                       8       1             6             15
    ===========          ===========                     ===     ===           ===            ===

                                            Capex Total       38             9              8            55
                                            ===========      ===           ===            ===           ===

    Note:

                                   (1)    Totals in rows and columns may
                                          not add-up due to rounding

                                   (2)    Other is comprised primarily of
                                          license maintenance costs

Kurdistan Region of Iraq -- Hawler License Area

Demir Dagh drilling--consists of costs related to short radius sidetracks of the previously drilled Demir Dagh-5 and Demir Dagh-9 wells. Sidetrack operations are expected to be completed in the first half of 2018.

Zey Gawra drilling--consists of the drilling of two new wells targeting the Zey Gawra Cretaceous reservoir. One well will be drilled in early 2018 and the other in late 2018 subject to performance of existing wells.

Banan drilling--consists of i) the re-entry, completion and testing of the Banan-2 well targeting the Cretaceous reservoir, which was suspended in 2014 due to security developments, and ii) the drilling of three new wells targeting the Tertiary. The Banan-2 re-entry and the drilling of the first new well targeting the Tertiary are planned in the first half of 2018 while a further two wells targeting the Tertiary reservoir are planned for the second half of the year subject to the success of the first well.

Demir Dagh facilities--comprised of modifications to the Hawler truck loading station needed to accommodate increased production, and minor infrastructure works.

Banan facilities expenditures--comprised of site remediation, construction of a truck loading station at Banan, the construction of a new drilling pad needed to drill wells planned in the second half of the year, and flowlines.

AGC Central License Area

Consists of preparation costs for drilling planned in 2019, facilities studies, and a last payment for the acquisition and ongoing processing of 3D seismic data contingent upon entering the first renewal of the exploration period under the PSC contract which is expected in September 2018.

Relinquishment of the AGC Shallow License Area

On November 2, 2017, Oryx Petroleum concluded an agreement with the Agence de Gestion et de Coopération entre le Sénégal et la Guinée - Bissau ("AGC") to relinquish its 80% interest in the AGC Shallow license area. In consideration of the relinquishment, Oryx Petroleum has agreed to amend the production sharing contract applicable to the AGC Central license area (the "AGC Central PSC") to add a commitment to drill a second exploration well during the first renewal of the exploration period, which is expected to be entered in October 2018. The additional well commitment is intended to be in lieu of the unfulfilled commitment to drill an exploration well in the AGC Shallow license area. In addition, Oryx Petroleum has agreed to pay the AGC a fee of $1.5 million and to accelerate payment of a $1 million renewal fee that is otherwise due under the AGC Central PSC upon entry into the first renewal of the exploration period.

If the Corporation determines to not enter into the first renewal of the exploration period under the AGC Central PSC, Oryx Petroleum will be required to pay the AGC a financial indemnity of $13.5 million, representing the $15 million financial penalty that would have otherwise applied under the production sharing contract applicable to the AGC Shallow license area (the "AGC Shallow PSC"), reduced by the $1.5 million fee described above.

Recoverable costs in the amount of $33.5 million incurred under the AGC Shallow PSC have been transferred to the AGC Central PSC and will be recoverable from potential future oil sales under the terms of the AGC Central PSC.

Other than as provided above, the AGC has released Oryx Petroleum from all obligations and liabilities under the AGC Shallow PSC and otherwise related to the AGC Shallow license area.

Regulatory Filings

This announcement coincides with the filing with the Canadian securities regulatory authorities of Oryx Petroleum's unaudited consolidated financial statements for the three and nine months ended September 30, 2017 and the related management's discussion and analysis thereon. Copies of these documents filed by Oryx Petroleum may be obtained via www.sedar.com and the Corporation's website, www.oryxpetroleum.com.

ABOUT ORYX PETROLEUM CORPORATION LIMITED

Oryx Petroleum is an international oil exploration, development and production company focused in Africa and the Middle East. The Corporation's shares are listed on the Toronto Stock Exchange under the symbol "OXC". The Oryx Petroleum group of companies was founded in 2010 by The Addax and Oryx Group P.L.C. Oryx Petroleum has interests in four license areas, two of which have yielded oil discoveries. The Corporation is the operator in two of the four license areas. One license area is located in the Kurdistan Region of Iraq and three license areas are located in West Africa in the AGC administrative area offshore Senegal and Guinea Bissau, and Congo (Brazzaville). Further information about Oryx Petroleum is available at www.oryxpetroleum.com or under Oryx Petroleum's profile at www.sedar.com.

Reader Advisory Regarding Forward-Looking Information

Certain statements in this news release constitute "forward-looking information", including statements related to forecast capital expenditure for the fourth quarter of 2017, budgeted capital expenditures for 2018, drilling and well workover plans, development plans and schedules and chance of success, future drilling of wells and the reservoirs to be targeted, approach to the development of the Hawler license area, ultimate recoverability of current and long-term assets, guidance regarding operating expenses on a per barrel basis, plans to continue processing and interpretation of 3D seismic data from the AGC Central license area which are expected to be completed later in 2017, plans to identify and map prospects in the AGC Central license area, consequences of not entering the first renewal of the exploration period under the AGC Central PSC, possible commerciality of our projects, plateau production rates, future expenditures and sources of financing for such expenditures, expectations that cash on hand as of September 30, 2017, and cash receipts from net revenues will allow the Corporation to fund forecasted cash expenditures and operating and administrative costs and to meet its obligations through mid-2018, the issuance of shares as a result of the vesting of Long Term Incentive Plan awards and in consideration of interest under the Loan Agreement with AOG, future requirements for additional funding, estimates for the fair value of the contingent consideration arising from the acquisition of OP Hawler Kurdistan Limited in 2011, the expected timing for settlement of liabilities including the credit facility with AOG and the contingent consideration arising from the acquisition of OP Hawler Kurdistan Limited in 2011, and statements that contain words such as "may", "will", "could", "should", "anticipate", "believe", "intend", "expect", "plan", "estimate", "potentially", "project", or the negative of such expressions and statements relating to matters that are not historical fact, constitute forward-looking information within the meaning of applicable Canadian securities legislation.

Although Oryx Petroleum believes these statements to be reasonable, the assumptions upon which they are based may prove to be incorrect. For more information about these assumptions and risks facing the Corporation, refer to the Corporation's annual information form dated March 23, 2017 available at www.sedar.com and the Corporation's website at www.oryxpetroleum.com. Further, statements including forward-looking information in this news release are made as at the date they are given and, except as required by applicable law, Oryx Petroleum does not intend, and does not assume any obligation, to update any forward-looking information, whether as a result of new information, future events or otherwise. If the Corporation does update one or more statements containing forward-looking information, it is not obligated to, and no inference should be drawn that it will make additional updates with respect thereto or with respect to other forward-looking information. The forward-looking information contained in this news release is expressly qualified by this cautionary statement.

Reader Advisory Regarding Certain Figures

Unless provided otherwise, all production and capacity figures and volumes cited in this news release are gross (100%) values, indicating that figures (i) have not been adjusted for deductions specified in the production sharing contract applicable to the Hawler license area, and (ii) are attributed to the license area as a whole and do not represent Oryx Petroleum's working interest in such production, capacity or volumes.

SOURCE Oryx Petroleum Corporation Limited

View original content: http://www.newswire.ca/en/releases/archive/November2017/08/c8996.html

SOURCE: Oryx Petroleum Corporation Limited

For additional information about Oryx Petroleum, please contact: Scott Lewis, Head of
Corporate Finance and Planning, Tel.: +41 (0) 58 702 93 52,
scott.lewis@oryxpetroleum.com

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SP500 E-mini 2599.25
DJIA E-mini 23578
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