PetroMaroc Corporation plc

Q4 and Year End 2014 Results Published

CALGARY, ALBERTA--(Marketwired - April 27, 2015) - In 2014, PetroMaroc Corporation plc (TSX VENTURE:PMA) (the "Company" or "PetroMaroc") drilled the Kamar-1 exploration well on the Sidi Moktar exploration licence in Morocco (''Sidi Moktar"), encountering substantial natural gas resource potential. Subsequent to the drilling of the Kamar-1 exploration well in 2014, and the Koba-1 exploration well drilled in 2013, an independent evaluation of the Undiscovered Petroleum Initially in Place ("UPIIP") and prospective resources of the Kechoula structure was completed by GLJ Petroleum Consultants, confirming significant natural gas potential.

In November 2014, PetroMaroc commenced its assessment of a series of strategic and financial options available to the Company, with the ultimate view of maximizing shareholder value. The Company has been reviewing alternatives to address its capital structure with focus on debt reduction and alternatives for the Company's Cdn$9.7 million principal amount of debentures (the "Debentures"). In November 2014, Dundee Capital Markets (Dundee Securities Europe LLP) was appointed as financial adviser to evaluate a series of strategic and financial alternatives including, but are not limited to, farm-out of Sidi Moktar, the sale of the Company, merger or other business combination, recapitalization, sale of all or a portion of the Company's assets, or any combination thereof, as well as continued execution of its business plan, among all other alternatives. There can be no assurance, however, that these initiatives will lead to a qualified partner being located or the timing of any transaction taking place or at all.

PetroMaroc exited 2014 with cash of US$1.4 million and a working capital surplus as at December 31, 2014 of US$0.9 million (including US$3.1 million restricted cash); however, the Company has commitments due in less than twelve months of approximately US$5.0 million, which will require additional capital. In order to fund current operational commitments and to fund additional evaluation of Sidi Moktar, PetroMaroc will be required to complete additional financings and/or incur additional debt in the future. These factors represent a material uncertainty that may cast a significant doubt about the Company's ability to continue as a going concern.