Orca Announces Quarterly Dividend and Approval of Dividend Policy

TORTOLA, British Virgin Islands, Nov. 18, 2020 (GLOBE NEWSWIRE) -- Orca Energy Group Inc. (“Orca” or the “Company”) (TSX-V: ORC.A, ORC.B) today announced that its Board of Directors has declared a quarterly cash dividend of CDN$0.08 per Class A Common Voting Share ("Class A Shares") of the Company and CDN$0.08 per Class B Subordinate Voting Share ("Class B Shares") of the Company. The dividend will be payable on January 15, 2021 to holders of Class A Shares and Class B Shares of record on December 31, 2020.

Approval of Dividend Policy

The Board of Directors of the Corporation is pleased to announce the approval of a dividend policy of paying quarterly dividends to holders of Class A Shares and Class B Shares. 

Dividends will normally be declared when (i) pre-approved by the Board of Directors on a quarterly basis, and (ii) confirmed by the Company's Chief Financial Officer, or other person authorized by the Board of Directors for such purposes, when paid.

The Board of Directors is currently evaluating the payment of special dividends and share repurchase programs (for cancellation) as part of its capital strategy taking into account capital requirements for the value maximization of the Songo Songo Production Sharing Agreement (the "Songo Songo PSA"). The Company will target to pay out in regular dividends CDN$0.08 per share per quarter in 2021 or CDN$8.7 million (US$6.5 million) for the year.

About Orca Energy Group Inc.

Orca is an international public company engaged in natural gas exploration, 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.

For further information please contact:

Jay Lyons, CEO [e-mail]		Blaine Karst, CFO [e-mail]

For media enquiries:
Celicourt (PR)
Mark Antelme
Jimmy Lea
[e-mail]
[phone]

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

Risk Factors

There are many factors that could affect the Company's future performance and industry in which it and its subsidiaries and affiliates operate and therefore its ability to pay dividends in the future.