BOE Report

Quattro Exploration and Production Ltd. Provides Update RE Annual Financial Statement Filings

CALGARY, Alberta, May 24, 2016 (GLOBE NEWSWIRE) — Quattro Exploration and Production Ltd. (the “Corporation“) (TSXV:QXP) provides an update regarding the filing of its financial statements and corresponding management discussion and analysis for the year ended December 31, 2015 (the “Financial Statements“).  As noted in the Company’s press release dated May 4, 2016, the Company was unable to file the Financial Statements prior to the filing deadline of April 29, 2016 and at the request of the Company, Management Cease Trade Orders applicable to Leonard Van Betuw, President and Chief Executive Officer of the Company, Stacey LePla-Martin, Chief Financial Officer of the Company, and the Company’s directors were issued by applicable securities commissions in accordance National Policy 12-203.  As noted previously, Quattro was unable to file the Financial Statements prior to the aforementioned filing deadline due to the fact that it had experienced delays in the receipt of its 2015 reserves evaluation from its independent reserves evaluator and the need for additional accounting information related to the acquisition of Quattro (SRD) Innovations Inc. (the wholly owned subsidiary of the Corporation) which occurred in December 2015.

Company management was able to receive the information necessary with respect to Quattro Innovations Inc. on May 20, 2016 and now has the necessary financial information required to complete the Financial Statements.  Management expects that the Financial Statements will be completed and filed on or before May 30, 2016. Quattro further re-affirms that it intends to satisfy the provisions of the alternative information guidelines of National Policy 12-203 for so long as the default remains in effect.

About Quattro Exploration and Production Ltd.

Quattro Exploration and Production Ltd. (“QXP”) continues to focus on the conventional exploration and development of oil and natural gas reserves in Western Canada.  Our diversified core areas target a low risk production base focused on providing the Company the capacity to aggressively pursue a series of high impact exploration and development efforts in Canada and Central America.  The company intends to balance this portfolio of activities to assure its shareholders that it achieves material growth in both reserves and production.

Advisories & Contact

FOR FURTHER INFORMATION PLEASE CONTACT:

Leonard Van Betuw
President and Chief Executive Officer
Office (403) 984-3917 Ext.102
Direct Line (587) 228-7070
leonard@qxp-petro.com

Or

Tianda Dranchuk
Business Development
Office (403) 984-3917 Ext.107
tianda.d@qxp-petro.com

www.qxp-petro.com

This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company’s registered filings which are available at www.sedar.com.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Trading in the securities of Quattro Exploration & Production Ltd. should be considered highly speculative. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.