Calgary, November 27, 2020: Valeura Energy Inc. (TSX:VLE, LSE:VLU) (“Valeura” or the “Company”), an upstream oil and gas company with assets in the Thrace Basin of Turkey, announces that effective November 25, 2020 it has terminated an aggregate of 1,957,500 incentive stock options, which were issued to a number of employees, officers, directors, and consultants, including an individual engaged in investor relations activities on behalf of the Company (collectively, the “Optionees”).

By a series of option termination agreements, the Company and the Optionees have agreed to terminate those options granted between March 2018 and September 2019, which carry exercise prices between C$2.54 and C$4.62 per share.  Optionees will receive nominal consideration of one cent (C$0.01) per terminated option.  No options are being granted by the Company in conjunction with these terminations.

Among the Optionees were certain persons discharging managerial responsibilities (“PDMR”), as detailed below.

PDMR Position Volume terminated
Sean Guest Executive Director, President and Chief Executive Officer 575,000
Gordon Begg Vice President, Commercial 300,000
Rob Sadownyk Vice President, Exploration 210,000
Russell Hiscock Non-Executive Director 152,500
Heather Campbell Chief Financial Officer 135,000
Kimberley Wood Non-Executive Director 100,000
Tim Marchant Non-Executive Chairman 87,500
Jim McFarland Non-Executive Director 87,500
Ron Royal Non-Executive Director 87,500


For further information please contact:

Valeura Energy Inc. (General and Investor Enquiries)                       +1 403 237 7102
Sean Guest, President and CEO
Heather Campbell, CFO
Robin Martin, Investor Relations Manager,


Canaccord Genuity Limited (Corporate Broker)                                +44 (0) 20 7523 8000
Henry Fitzgerald-O’Connor, James Asensio


CAMARCO (Public Relations, Media Adviser)                                   +44 (0) 20 3757 4980
Owen Roberts, Billy Clegg, Monique Perks, Hugo Liddy


This announcement contains inside information as defined in EU Regulation No. 596/2014 and is in accordance with the Company’s obligations under Article 17 of that Regulation.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy securities in any jurisdiction, including where such offer would be unlawful. This announcement is not for distribution or release, directly or indirectly, in or into the United States, Ireland, the Republic of South Africa or Japan or any other jurisdiction in which its publication or distribution would be unlawful.

 Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.