Traverse Energy Provides Corporate Update

Traverse Energy Ltd. (“

Traverse

” or “

the Company

”) (

TSX Venture: TVL

) is providing a corporate update.  The Company’s lender has further extended the annual review date of the Company’s revolving operating loan facility to November 29, 2019 in order to complete the annual borrowing base redetermination.  The lender will not make the borrowing base determination until that date or such other later date as the lender determines in its sole discretion.  The revolving operating loan has also been amended to provide that in the event the Company’s lender determines the new borrowing base to be an amount that is less than the borrowings outstanding under the revolving operating loan facility the Company shall repay the difference within one day of receiving notice of the new borrowing base instead of within 30 days as previously provided in the revolving operating loan facility.  The Company has further agreed to allow the lender’s advisor to participate in the strategic alternatives review process that the Company commenced in May 2019.  The Company is also subject to limitations on monthly capital expenditures.

For more information, please contact:

Traverse Energy Ltd.

Laurie Smith President and Chief Executive Officer

Tel: [phone]Fax: [phone]Web: www.traverseenergy.com

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