Chinook Energy Inc. Announces Shareholder and Court Approval for Plan of Arrangement

Calgary, Alberta--(Newsfile Corp. - April 20, 2020) - Chinook Energy Inc. (TSX: CKE) ("Chinook") is pleased to announce that today it received shareholder and court approval for the previously announced plan of arrangement (the "Arrangement") pursuant to which Tourmaline Oil Corp. ("Tourmaline") will acquire all the issued and outstanding common shares of Chinook. Pursuant to the Arrangement, Chinook shareholders will receive $0.0675 cash for each common share of Chinook held. The Arrangement was approved by shareholders of Chinook holding greater than 96.4% of the common shares who voted on the Arrangement at Chinook's annual and special shareholder meeting (the "Meeting"). The Arrangement is expected to be completed on April 21, 2020.

In addition to the Arrangement, shareholders also approved other annual business matters including fixing the number of directors at four, the election of four directors and the appointment of KPMG LLP as auditors. Detailed voting results for all resolutions will be posted under Chinook's profile at www.sedar.com.

On a vote by ballot, each of the following four nominees proposed by management was elected as a director of Chinook at the Meeting.

About Chinook Energy Inc.

Chinook is a Calgary-based public oil and natural gas exploration and development company with a large contiguous Montney liquids-rich natural gas position at Birley/Umbach, British Columbia.

For further information please contact:

Walter Vrataric
President and Chief Executive Officer
Chinook Energy Inc.
Telephone: (403) 261-6883
Website: www.chinookenergyinc.com

Jason Dranchuk
Vice President, Finance and Chief Financial Officer
Chinook Energy Inc.
Telephone: (403) 261-6883

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/54628