Vital Energy Announces Year-End Filings

CALGARY, ALBERTA -- (Marketwired) -- 04/30/15 -- Vital Energy Inc. ("Vital" or the "Corporation") (TSX VENTURE: VUX) is pleased to announce that it has filed its annual reserves information for the year ended December 31, 2014 in accordance with National Instrument 51-101 Standard of Disclosure for Oil and Gas Activities. In addition, the Corporation has filed its audited financial statements and management discussion and analysis for the year ended December 31, 2014. All of the aforementioned documents are available for review electronically on the System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com.

Highlights

--  June 2014: Amalgamation and re-capitalization of Ceno Energy Limited and
    Sundance Energy Corporation to become Ceno Energy Ltd. which was renamed
    Vital Energy Inc. on September 30, 2014.
--  June 2014: New equity financing of $10,000,000.
--  Production increases from 65 BOE/Day in July 2014 to 106 BOE/Day at
    December 31, 2014 due to drilling success at Gull Lake (50% working
    interest) and Pennant (100% working interest).
--  Vital drilled an exploratory well on the Pennant property in the 4th
    quarter 2014. The encouraging results from the producing exploratory
    vertical well led the company to drill 3 horizontal development wells in
    the 1st quarter of 2015. The development wells will be fracked and
    completed immediately after spring breakup. Management expects that
    successful completion of these wells would significantly increase oil
    production from the Pennant area as well as set up numerous additional
    horizontal drilling locations on the Company's 3,840 gross and net acres
    land holdings. It is expected that the next development horizontal well
    in that area will be drilled in May 2015.
--  At Gull Lake, permits for the water injection scheme were applied for in
    the fourth quarter 2014 and it is expected that onsite operated water
    injection will commence by June 2015. It is expected that this will
    significantly increase oil production at Gull Lake and significantly
    reduce operating costs. It is epxected that the next well at Gull Lake
    will be drilled in May 2015.

Reserves Information

All reserves information disclosed below is derived from the independent reserves report prepared by GLJ Petroleum Consultants for the year ended December 31, 2014 and are included in the National Instrument 51-101Statement of Reserves Data and Other Oil and Gas Information document ("NI 51-101F1") filed by the Company. Investors are encouraged to read the NI 51-101F1, a copy of which is available under the Company's SEDAR profile, in its entirety.

Reserve Category                       Company    Company Net        Company
                                         Gross  After Royalty    Gross & Net
                                        (Mbbl)         (Mbbl)         (MMcf)

Proved
Developed Producing                         63             59              0
Developed Non-Producing                     27             26              0
Undeveloped                                109            102              0
Total Proved                               199            187              0
Total Probable                             747            610              0
Total Proved plus Probable                 945            797              0

Net Present Values of Future Net Revenues before Income Taxes Discounted at
Different%'s per year
(Forecast costs and Prices in millions of dollars)

Reserve Category                          0%      5%     10%     15%     20%
Proved
  Developed Produc.                    1.286   1.181   1.093   1.017     953
  Developed Non Produc.                  604     512     442     386     341
  Undeveloped                          2,275   1,685   1,246     915     661
Total Proved                           4,165   3,378   2,781   2,318   1,955
Total Probable                        27,111  21,914  18,075  15,165  12,911
Total Proved & Probable               31,276  25,292  20,855  17,483  14,866

Year End December 31, 2014

Operating Cash Flow ($)             $737,634
Operating Cash Flow ($/boe)         $32.42
Total Capital Expenditures:         $2,673,692
Cash:                               $8,135,460
Bank Debt:                          $0

Capitalization

Common Shares
Issued and Outstanding              49,999,971
Stock Options Granted               4,750,000
Warrants                            0
Preferred Shares                    0
Convertible Debt                    0
Fully Diluted                       54,749,971

Appointment of New Director

As previously announced, the Corporation has approved the appointment of Mr. Vincent Cheung, P.Eng., M.Eng. as a director of the company. In his capacity as director Mr. Cheung was granted 450,000 shares of stock options with an exercise price of $0.25 per share. The stock options will expire five years from the date of grant.

Additional Stock Option Grant

The Corporation announces that Mr. Dongsong (Dave) Yang, P. Geophys., PhD. In his capacity as Manager of Geophysics Dave was granted 100,000 shares of stock options at $0.25 per share. The stock options will expire five years from the date of grant.

Vital Energy Inc. is a publicly traded junior oil and gas company (TSX VENTURE: VUX) whose primary focus is developing light and medium crude oil production in Western Canada.

Cautionary Statement

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. No stock exchange, securities commission or other regulatory authority has approved nor disapproved the information contained herein.

Forward-Looking Statements

This news release contains forward-looking statements relating to the future operations of the Corporation and other statements that are not historical facts, including statements about completion of wells and future drilling plans. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects" and similar expressions. All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding future plans and objectives of the Corporation, are forward looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Corporation's expectations are exploration risks detailed from time to time in the filings made by the Corporation with securities regulations.

The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation. As a result, we cannot guarantee that any forward-looking statement will materialize and the reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The forward-looking statements contained in this news release are made as of the date of this news release, and the Corporation 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 expressly required by Canadian securities law.

Contacts:
Vital Energy Inc.
Jeff Standen
President
(403) 615-5827
(403) 699-6990 (FAX)
[email protected]
www.vitalenergyoil.com

Source: Vital Energy Inc.

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