Filing of the Audited Annual Results and 2019 CPR

July 2, 2019 – TheNewswire – Calgary, AB – Zenith Energy Ltd. (“Zenith” or the “Company“) (LSE: ZEN; TSX.V: ZEE; OSE: ZENA-ME) the listed international oil & gas production company operating the largest onshore oilfield in Azerbaijan, is pleased to announce that, in accordance with Canadian securities law, the Company filed its annual audited financial results for the financial year ended March 31, 2018 on SEDAR (www.sedar.com) and that it has filed its year-end independent evaluation of reserves for the year ending March 31, 2019 (the “2019 CPR“), prepared in accordance with National Instrument 51-101: Standards of Disclosure for Oil and Gas Activities (“NI 51-101“), on SEDAR. Additional information regarding the Company will be included in Zenith’s Annual Information Form and annual financial statements.

Audited annual results for the financial year ended March 31, 2019

Filing of the aforementioned results on SEDAR took place on June 28, 2019. A copy of these documents will shortly be available for review on the Company’s website: www.zenithenergy.ca.

Filing of 2019 CPR

The 2019 CPR has assessed Zenith’s proved plus probable (“2P“) reserves in Azerbaijan, for the duration of the 25-year Rehabilitation, Exploration, Development and Production Sharing Agreement (“REDPSA“) effective from August 11, 2016, as approximately 30.6 million barrels of oil, decreasing from approximately 31.7 million as at March 31, 2018.

Italian natural gas 2P reserves have been reassessed in the 2019 CPR, decreasing to 16.3 BCF from approximately 16.4 BCF as at March 31, 2018.

All assumptions and qualifications relating to costs and other matters are included in the Chapman Report (as defined below). The recovery and reserves estimates on the Company’s assets described herein are estimates only. The actual reserves in the Company’s assets may be greater or smaller than those calculated.

The following is a summary of the oil and natural gas reserves and the value of future net revenue of the Company, as evaluated by Chapman Petroleum Engineering Ltd., Calgary, Alberta, as at March 31, 2019, and dated April 1, 2019 (the “Chapman Report“). Chapman Petroleum Engineering Ltd. is an independent qualified reserves evaluator and auditor. The Chapman Report has been prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook (“COGEH“) reserves definitions that are consistent with NI 51-101.

The 2019 CPR documents can be viewed online at www.sedar.com and will shortly also be available for review on the Company website: www.zenithenergy.ca.

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

Further information:

Notes to Editors:

Zenith Energy Ltd. is an international oil and gas production company, listed on the TSX Venture Exchange (TSX.V:ZEE) and London Stock Exchange (LSE:ZEN). In addition, the Company’s common share capital was admitted to trading on the Merkur Market of the Oslo Boers (ZENA:ME) on November 8, 2018. The Merkur Market is a multilateral trading facility owned and operated by the Oslo Boers.

The Company was assigned a medium to long-term issuer credit rating of “B+ with Positive Outlook” on October 8, 2018 by Arc Ratings, S.A.

The Company operates the largest onshore oilfield in Azerbaijan following the signing of a 25-year REDPSA, (Rehabilitation, Exploration, Development and Production Sharing Agreement), with SOCAR, State Oil Company of the Republic of Azerbaijan, in 2016.

The Company’s primary focus is the development of its Azerbaijan operations by leveraging its technical expertise and financial resources to maximise low-cost oil production via a systematic field rehabilitation programme intended to achieve significantly increased revenue. Zenith also operates, or has working interests in, a number of natural gas production concessions in Italy. The Company’s Italian operations produce natural gas, condensate and electricity.

Zenith’s development strategy is to identify and rapidly seize value-accretive hydrocarbon production opportunities in the onshore oil & gas sector. The Company’s Board of Directors and senior management team have the experience and technical expertise to develop the Company successfully.