Spartan Energy Corp. Announces Results of Election of Directors and Details of Common Share Consolidation

CALGARY, ALBERTA--(Marketwired - June 20, 2017) - Spartan Energy Corp. ("Spartan" or the "Company") (TSX:SPE) announces that at its annual general and special meeting (the "Meeting") of the holders ("Shareholders") of common shares ("Common Shares") of the Company held on June 20, 2017 the five nominees were elected as directors of the Company to serve until the next annual meeting of shareholders of the Company, or until their successors are elected or appointed. The vote was passed by way of ballot and the directors received the following votes for their election:

The complete report on voting results is available on Spartan's SEDAR profile at www.sedar.com.

COMMON SHARE CONSOLIDATION

Spartan announces that, at the Meeting, a special resolution was passed authorizing and approving the Company to consolidate the Common Shares on the basis of one post-consolidation Common Share for every three pre-consolidation Common Shares (the "Consolidation").

Following Shareholder approval of the Consolidation, the Company's board of directors set June 20, 2017 as the effective date of the Consolidation and filed Articles of Amendment to give effect to the Consolidation. Trading of the Common Shares on a post-Consolidation basis on the TSX will commence on or about June 23, 2017.

The 526,808,886 Common Shares currently issued and outstanding will be reduced to approximately 175,602,962 Common Shares on a post-Consolidation basis. No fractional shares will be issued. Any fractional interest in Common Shares that is less than 0.5 of a Common Share resulting from the Consolidation will be rounded down to the nearest whole Common Share and any fractional interest in Common Shares that is 0.5 or greater of a Common Share will be rounded up to the nearest whole Common Share.

Letter of transmittals will be mailed to registered Shareholders and registered Shareholders will be required to deposit their share certificate(s), together with the duly completed letter of transmittal, with Alliance Trust Company, the Company's registrar and transfer agent. Non-registered Shareholders holding Common Shares through an intermediary (a securities broker, dealer, bank or financial institution) should be aware that the intermediary may have different procedures for processing the Consolidation than those that will be put in place by the Company for registered Shareholders. If Shareholders hold their Common Shares through an intermediary and they have questions in this regard, they are encouraged to contact their intermediaries.

For more information on the Consolidation and other matters addressed at the Meeting, Shareholders are encouraged to refer to the management information circular of the Company dated May 15, 2017 which is available on Spartan's SEDAR profile at www.sedar.com.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of applicable securities laws. More particularly and without limitation, this press release contains forward-looking statements regarding the expected date that the Common Shares will trade on a post-Consolidation basis on the TSX and the Company's intention to mail letter of transmittals to registered Shareholders. All statements, other than statements of historical facts, that address activities that Spartan assumes, plans, expects, believes, projects, aims, estimates or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements provided in this press release are based on management's current belief, based on currently available information, as to the outcome and timing of future events. Spartan cautions that its intention to proceed with the Consolidation and other forward-looking statements relating to Spartan are subject to all of the risks and uncertainties normally incident to such endeavors. These risks relating to Spartan include, but are not limited to, that trading on a post-Consolidation basis will not take effect when expected. Furthermore, the forward-looking statements contained herein are made as at the date hereof and Spartan does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect Spartan's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or the Company's website (www.spartanenergy.ca).