ORCA EXPLORATION GROUP INC. ANNOUNCES AMENDMENT TO ITS NORMAL COURSE ISSUER BID

TORTOLA, British Virgin Islands, April 07, 2020 (GLOBE NEWSWIRE) -- Orca Exploration Group Inc. ("Orca" or the "Company") has announced that it has amended its Normal Course Issuer Bid commenced on June 14, 2019 (the "Bid") to allow it to purchase additional Class B Subordinate Voting Shares ("Class B Shares") through the facilities of the TSX Venture Exchange (the "Exchange") and alternative trading systems in Canada.

Purchases made pursuant to the Bid will not exceed 700,000 Class B Shares, representing not more than 5% of the issued and outstanding Class B Shares as at June 14, 2019 (33,505,915 Class B Shares) less 933,028 Class B Shares already purchased under the Bid. In accordance with the policies of the Exchange, purchases under the Bid will commence on April 14, 2020 and will continue until the earlier of the purchase of the maximum number of Class B Shares under the Bid and June 14, 2020.

Purchases pursuant to the Bid will be made by Mackie Research Capital Corporation ("Mackie") on behalf of the Company. Orca has entered into an automatic purchase plan with Mackie in order to facilitate repurchase of the Class B Shares. The automatic purchase plan allows Mackie to repurchase Class B Shares under the Bid during the Company's self-imposed blackout periods. Purchases will be made by Mackie based on the parameters prescribed by the Exchange and applicable securities laws and the terms of the parties' written agreement. The automatic share purchase plan has been approved by the Exchange and will be implemented for the balance of the 12-month term which started when the Company initiated the Bid on June 14, 2019.

Orca has implemented the Bid as it is of the view that at times the trading price of the Class B Shares of the Company on the Exchange does not fully reflect the underlying value of the Company's business. Orca believes that its purchase of Class B Shares under the Bid is in the best interest of the Company and its shareholders. The combination of Class B Shares already purchased under the Bid and the additional Class B Shares to be purchased under the Bid will not exceed 5% of the total issued and outstanding Class B Shares as at June 14, 2019.

Orca Exploration Group Inc.

Orca is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary PanAfrican Energy Tanzania Limited. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.