Montana Exploration Corp. and Gale Force Petroleum Inc. Complete Arrangement, Debt Conversions

TORONTO, Sept. 18, 2015

In total, 42,751,429 Common Shares were issued to the Gale Force security holders, 93,043,640 Common Shares were issued to the converting Montana secured debtholders and 3,741,412 Common Shares were issued to the converting Gale Force short-term debtholders.  Montana now has 242,287,751 total issued and outstanding Common Shares.

"The Arrangement with Gale Force and the debt conversion transactions, together, significantly improves Montana's balance sheet," said Charles Selby, Chairman and Chief Executive Officer of Montana.  "Furthermore, the cash and other producing oil and gas assets acquired from Gale Force provide a broader base for Montana as we seek additional financing to continue conventional natural gas and oil exploration of Montana's extensive prospects in the state of Montana." 

Montana also announced that it has nominated Allan Bezanson, formerly the Chairman of Gale Force, to its Board of Directors.  Michael McLellan, formerly Gale Force's Chief Executive Officer, has been retained under a 6 month contract in the position of Vice-President of Corporate Finance and Interim Chief Financial Officer.

In connection with the Arrangement, 7,300,000 stock options of Gale Force were cancelled and replaced with 3,394,500 stock options of Montana, each stock option having an exercise price of $0.13 and an expiry date of September 16, 2016.

Former holders of common shares and series III preferred shares of Gale Force can obtain Common Shares by submitting the applicable letters of transmittal and the appropriate documents prescribed thereby to the depositary for the Arrangement, Computershare Investor Services Inc. The forms of the letters of transmittal are available under Gale Force's profile on the SEDAR website (www.sedar.com).  Former holders of Gale Force options will receive replacement options directly from Montana.

ABOUT MONTANA EXPLORATION CORP.
MTZ is an oil and gas exploration and production company focusing on the Shaunavon oil and Eagle gas opportunities underlying its extensive land holdings in the state of Montana. In the United States, the company operates through its wholly-owned subsidiary, Montana Land & Exploration, Inc. MTZ's common shares are listed on the TSX Venture Exchange under the trading symbol "MTZ". Additional information regarding MTZ is available under MTZ's profile at www.SEDAR.com or at www.MontanaExplorationCorp.com.