Phoenix Canada Oil Company Limited and VMedia Inc. Proposed Transaction Update

TORONTO, ON / ACCESSWIRE / November 23, 2018 / Phoenix Canada Oil Company Limited PCO ("Phoenix" or the "Company")is pleased to provide an update to the Company's previously announced non-bindingletter of intent (the "LOI") dated October23, 2018 with VMedia Inc., a private Canadian corporation ("VMedia") that offers telecom andbroadcasting services across Canada as described in its press release datedOctober 24, 2018.

The Company and VMedia areworking diligently to advance this transaction including the ongoingnegotiation of a definitive agreement and obtaining all required regulatoryapprovals.

Neither the TSXV nor its Regulation Services Provider (as that termis defined in the policies of the TSXV) has in any way passed upon the meritsof the Proposed Transaction and associated transactions and neither of theforegoing entities has in any way approved or disapproved of the contents ofthis press release.

Forward-Looking Statements

This news release contains "forward-looking information"within the meaning of applicable securities laws relating to the ProposedTransaction including statements regarding the terms and conditions of theProposed Transaction and the LOI, as well as information relating to VMedia.The information about VMedia contained in the press release has not beenindependently verified by the Company. Although the Company believes in lightof the experience of its officers and directors, current conditions andexpected future developments and other factors that have been consideredappropriate, that the expectations reflected in this forward-lookinginformation are reasonable, undue reliance should not be placed on them becausethe Company can give no assurance that they will prove to be correct. Readersare cautioned to not place undue reliance on forward-looking information.Actual results and developments may differ materially from those contemplatedby these statements depending on, among other things, the risks that theparties will not proceed with the Proposed Transaction and the LOI; that theultimate terms of the Proposed Transaction and the LOI will differ from thosethat currently are contemplated; and that the Proposed Transaction and the LOIwill not be successfully completed for any reason (including the failure toobtain the required approvals or clearances from regulatory authorities). Theterms and conditions of the Proposed Transaction may change based on theCompany's due diligence and the receipt of tax, corporate and securities lawadvice for both the Company and VMedia. The statements in this press releaseare made as of the date of this release. The Company undertakes no obligationto comment on analyses, expectations or statements made by third-parties inrespect of the Company, VMedia, their securities, or their respective financialor operating results (as applicable).

SOURCE: Phoenix Canada OilCompany Limited