Arcan Announces Filing of Meeting Materials for Special Meeting of Shareholders

CALGARY, ALBERTA--(Marketwired - May 6, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Further to its press release of April 22, 2015, Arcan Resources Ltd. (TSX VENTURE:ARN) ("Arcan" or the "Company") announces that it has commenced the mailing process, and filed its meeting materials ("Meeting Materials"), in respect of the upcoming special meeting ("Meeting") of holders ("Shareholders") of common shares of the Company ("Common Shares"). At the Meeting, Shareholders will be asked to vote in respect of a proposed plan of arrangment pursuant to which Aspenleaf Energy Limited will, subject to certain conditions, acquire all of the issued and outstanding Common Shares for $0.11 per Common Share in cash (the "Arrangement").

The Meeting will be held at the Calgary Petroleum Club, 319 Fifth Avenue S.W., Calgary, Alberta, Canada on June 2, 2015 at 9:00 a.m. (Calgary time). The record date for voting at the Meeting has been set at May 1, 2015.

Further information about the Arrangement and the Meeting is set forth in the Meeting Materials which have been filed under Arcan's profile on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com as well as on the Company's website at www.arcanres.com.

Arcan Resources Ltd. is an Alberta, Canada corporation that is principally engaged in the exploration, development and acquisition of petroleum and natural gas located in the Western Canada Sedimentary Basin. Additional information about the Company, including the Company's annual information form for the year ended December 31, 2014, is available under Arcan's profile on SEDAR at www.sedar.com.

Forward-Looking Information and Statements

This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words ''expect'', ''anticipate'', ''continue'', ''estimate'', ''guidance'', ''objective'', ''ongoing'', ''may'', ''will'' and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the foregoing, this press release contains forward-looking information and statements pertaining to, among other things, the completion of the Arrangement upon receipt of Shareholder approval and the anticipated date of, and information relating, to the Meeting.

Arcan believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable at this time but no assurance can be given that these factors, expectations and assumptions will prove to be correct. With respect to forward-looking statements contained in this press release, Arcan made assumptions regarding, among other things: the receipt, in a timely manner, of regulatory, court, Shareholder and third party approvals in respect of the Arrangement; the satisfaction or waiver of all other conditions precedent to the Arrangement; and the plans of counterparties, including certain Shareholders.

The forward-looking information and statements included in this press release are not guarantees of future performance and should not be unduly relied upon. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: the Company being able to receive all required regulatory, court and Shareholder approvals to consummate the Arrangement and certain other risks detailed from time to time in Arcan's public disclosure documents including, without limitation, those risks identified in this press release, the Meeting Materials filed today and in Arcan's annual information form, copies of which are available on Arcan's SEDAR profile at www.sedar.com.

The forward-looking information and statements contained in this press release speak only as of the date of this press release, and Arcan does not assume any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.

Neither 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.

FOR FURTHER INFORMATION PLEASE CONTACT:
Arcan Resources Ltd.
Terry McCoy
Chief Executive Officer
tmccoy@arcanres.com


Arcan Resources Ltd.
Douglas Penner
President
dpenner@arcanres.com


Arcan Resources Ltd.
Suite 2200, 500 - 4th Avenue S.W.
Calgary, AB T2P 0H7
(403) 262-0321
www.arcanres.com