Perisson Petroleum Corp. Announces Third Quarter Financial Results and Clarifies Settlement of Guarantee Obligation

CALGARY, ALBERTA--(Marketwired - Nov. 30, 2015) - Perisson Petroleum Corporation ("Perisson" or the "Company") (CSE:POG) is pleased to report its financial results for the third quarter and nine months ended September 30, 2015. Additionally, the Company wishes to provide further clarity to its news releases from September 1 and September 17 relating to the satisfaction of guarantee funds necessary for the acquisition and maintenance of the Company's VMM-17 exploration block in Colombia (the "Guarantee").

This is a difficult time for the world's oil and gas producers and low oil prices are expected to persist for the next few quarters. While today's industry-wide difficulties may not directly impact Perisson, the Company has undertaken several steps to eliminate any excessive or unnecessary costs and continues to make cost improvements, resulting primarily from a change of management and moving the head office from Montreal to Calgary.

The table below summarizes the Q3 2015 financial and operating results for the Company.

Corporate Summary:

All amounts shown in US$	Three months ended September 30,		Nine months ended September 30,
	2015	2014	2015	2014
Salaries	85,894	84,699	295,668	263,381
Professional and consulting fees	71,810	141,681	371,347	389,715
Accommodation and travel	-	70,752	35,612	230,744
Office and general	67,269	73,057	170,416	247,159
Settlement with shareholder	900,000	-	900,000	-
Loss and comprehensive loss	1,478,806	457,671	2,217,015	1,287,713

In 2009, Mr. Gary Chen, Chief Executive Officer of the Corporation, provided funding in the amount of USD$900,000 (the "Guarantee Funds") for the purposes of posting, on behalf of the Corporation, guarantee funds necessary for the acquisition and maintenance of the Company's VMM-17 exploration block in Colombia. In 2013, the Company and Mr. Chen came to an understanding whereby Mr. Chen assigned the Guarantee Funds to the Company following which the Company and Mr. Chen would approach the former shareholders of Igual Holdings who had received Perisson shares as part of the Company's RTO transaction in 2012 for offsetting share compensation. Upon review of the matter, it became apparent to the board of directors of the Company that the offsetting share compensation was never received and it was a reasonable determination that such compensation would now be impossible to accomplish. As such, it was determined that compensation to Mr. Chen in an amount equal to the original principal amount of the Guarantee Funds was warranted.