Vital Announces Extension of Outstanding Debentures and New Debenture Offering

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CALGARY, Alberta, Dec. 22, 2017 — Vital Energy Inc. (“Vital”) announced today that, further to its news release dated December 23, 2015, the maturity date of the outstanding 8% secured convertible debentures in the aggregate principal amount of $2,075,000, have been extended for an additional one year period, from December 23, 2017 to December 23, 2018. The other debenture issued on December 23, 2015 in the principal amount of $50,000 has been repaid.
At the time of issuance, all of the directors of the Corporation held the debentures in the aggregate principal amount of $2,125,000.  Vital has determined that exemptions from the various requirements of Multilateral Instrument 61-101 are available for the amendment to the debentures (Formal Valuation – Issuer Not Listed on Specified Markets; Minority Approval – Fair Market Value Not More Than $2,500,000).Vital also announced today its intention to complete a non-brokered private placement offering of 8% secured convertible debentures in the principal amount of up to $100,000.  The debentures will bear interest at the rate of eight percent (8%) per annum, calculated and paid quarterly and will mature on the date that is one year from the date of issuance.  The debentures will be secured against the personal property of the Corporation and will be convertible at the holder’s option into common shares of the Corporation at a conversion price of $0.10 per common share. The closing of the offering is expected to occur on or about December 28, 2017, and is subject to regulatory approval, including approval of the TSX Venture Exchange.  For further details on the offering, please contact the Corporation.  All securities issued in connection with the offering will be subject to a hold period of four months from the date of closing.  The net proceeds from the offering will be used to finance the Corporation’s oil and gas exploration and development program and for general working capital purposes.Vital Energy Inc. is a publicly traded junior oil and gas company (TSX-V:VUX) whose primary focus is developing light and medium crude oil production in Western Canada.For further information please contact:
Jeff Standen, President
Tel: (403) 615-5827
Fax: (403) 699-9660
Email: [email protected]
Or visit our website at:  www.vitalenergyoil.comCautionary Statement
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein.
Forward Looking Statements
This news release may contain certain forward-looking information.  All statements included herein, other than statements of historical fact, is forward-looking information and such information involves various risks and uncertainties.  There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information.  A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation’s disclosure documents on the SEDAR website at www.sedar.com.  The Corporation does not undertake to update any forward-looking information except in accordance with applicable securities laws.

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