Tangiers Petroleum Limited has entered into Binding Agreements to acquire a significant working interest in a large acreage position on a multiple objective, liquids-rich exploration opportunity in onshore North America known as Project Icewine (the "Project").

PROJECT ICEWINE HIGHLIGHTS

• High working interest (87.5%) in strategic asset with a world class prize • Up to 86,940 net acres of a gross 99,360 acre (400 km2) opportunity • Near ground-floor entry with average price per acre of approximately US$30 • 10 year primary term with no mandatory relinquishment • Low 16.5% royalty (materially lower than most U.S. opportunities) • Large acreage position and Operatorship provide flexibility for possible farm-down • The primary objective is an untested, unconventional liquids-rich shale play in the prolific shale complex that sourced the largest oil field in North America

Tags: Tangiers Petroleum Limited