Decklar Resources Inc. announces the final closing of Private

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TORONTO, March 08, 2021 (GLOBE NEWSWIRE) – Decklar Resources Inc. (DKL-TSX Venture) (the “company” or “Decklar”) is pleased to announce that the company has completed the second and final close of the company’s previously announced private placement financing. The total gross proceeds from the private placement will be CAD 4,722,400, and the funds from this financing will be used to immediately advance operations to re-enter the Oza-1 well in the Oza oil field in Nigeria and for general corporate purposes. Funds from this private placement are expected to be sufficient to re-develop the Oza-1 well and resume oil production in the Oza oil field by the company’s wholly owned subsidiary in Nigeria, Decklar Petroleum Limited.

Final completion of private placement of common stock

The Company has completed a private placement that issued a total of 16,865,714 shares of Decklar common stock at a price of $ 0.28 per share for total gross proceeds of $ 4,722,400. The common shares to be issued as a result of this private placement are subject to a four month trading restriction. The second close of the private placement completed with 2,595,714 common shares issued at a price of $ 0.28 per share for total gross proceeds of $ 726,800. Upon issuance of the common shares from the completion of the private placement (including the common shares issued as finder fees for the initial deal), the company will have a total of 71,575,487 shares outstanding. The private placement has been conditionally approved by the TSX Venture Exchange and is subject to final approval.

For more information:

Duncan T. Blount
CEO Telephone: +1 305 890 6516
Email: [email protected]

David Halpin
VP Finance, Decklar Petroleum Telephone: +1 403 816 3029
Email: [email protected]

Investor Relations: [email protected]

Neither the TSX Venture Exchange nor its regulator (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Warning language

Certain statements and information contained herein constitute “forward-looking information” (within the meaning of applicable Canadian securities laws). All statements in this press release, other than historical facts, are forward-looking statements. Such statements and information (collectively, “forward-looking statements”) relate to future events or the company’s future performance, business prospects or opportunities.

All statements that are not historical facts may be forward-looking statements. Any statement that expresses or includes discussion of any predictions, expectations, beliefs, plans, projections, goals, assumptions, or future events or performance (often, but not always, with words or expressions such as “aim”, “anticipate”, ” plan “,” continue “,” estimate “,” expect “,” may “,” will “,” project “,” predict “,” potentially “,” aim “,” intend “,” could “,” might ” , “should”, “believe” and similar expressions) are not statements of historical fact and may be “forward-looking statements.” Forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual results or events to differ The Company believes that the expectations reflected in these forward-looking statements are reasonable Assurances are given that these expectations will prove to be correct and such forward-looking statements should not be relied on inappropriately. The company does not intend and does not assume any obligation to update these forward-looking statements unless this is required under applicable law. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government or other regulatory approvals, actual facility performance , Availability of funding on reasonable terms, availability of third party vendors, equipment and procedures related to specifications and expectations and unexpected environmental impacts on operations. Actual results could differ materially from those expressed or implied in such forward-looking statements.

The company makes no guarantee that forward-looking statements will prove to be correct, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements. The company undertakes no obligation to revise or update these forward-looking statements after the date of this document, or to revise them to reflect the occurrence of future unforeseen events, except as required by applicable securities laws.


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