Perisson Petroleum Corp. (the "Corporation") (TSX VENTURE:POG) announces that it has made an application to the Alberta Securities Commission to approve a temporary management cease trade order ("MCTO") under National Policy 12-203 Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"), which, if granted, will prohibit trading in securities of the Corporation by certain insiders of the Corporation, whether direct or indirect. The Corporation is unable to file its audited financial statements for the year ended December 31, 2016 and the management's discussion and analysis and related Chief Executive Officer and Chief Financial Officer certificates for this period (collectively, the "Required Filings") before the May 1, 2017 filing deadline (the "Filing Deadline").
The Corporation's failure to file its Required Filings by the Filing Deadline is due to delays in the receipt of certain operating statements from the registered operator of its oil and gas properties. These delays will cause a short delay in filing of the year end statements of Perisson.
The Corporation anticipates that it will be a position to remedy the default by filing the Required Filings on or before May 19, 2017. The MCTO will be in effect until the Required Filings are filed.
The Corporation intends to satisfy the provisions of the alternative information guidelines set out in sections 4.3 and 4.4 of NP 12-203 so long as the Required Filings are outstanding.
About Perisson Petroleum Corp.
Perisson Petroleum Corporation is listed on the TSX Venture Exchange and trades under the symbol "POG". The Corporation has ownership in certain oil and gas producing properties in the Twining area of Alberta, Canada. The Company also holds a 100% working interest in the VMM-17 block, a license located in the prolific, stable, oil-producing region of the Middle Magdalena Basin in central Colombia.
SOURCE: Perisson Petroleum Corp.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.