Caracal Energy Inc. has filed a preliminary short form base shelf prospectus (Preliminary Base Shelf Prospectus) with the securities regulatory authorities in each of the Provinces of Canada, other than the Province of Quebec.

The Canadian regime of a base shelf prospectus allows the Company to offer common shares, subscription receipts, warrants and debt securities (collectively, the "Securities") or any combination thereof up to an aggregate offering price of US$1,000,000,000 during a 25-month period that a base shelf prospectus remains effective. Securities may be offered separately or together, in amounts, at prices and on terms to be determined based on market conditions at the time of sale and set forth in an accompanying supplement that would be also provided with the base shelf prospectus to investors. Unless otherwise specified in a supplement, the net proceeds from the sale of the Securities under this regime would be used for general corporate purposes, to repay indebtedness and to fund capital expenditures.

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