James W. Collins and Blue Sky Exploration Limited File Early Warning Reports

CALGARY, Sept. 23, 2015 /CNW/ - On September 18, 2015 James W. Collins of 900 East Lakeview Drive McAllen, Texas ("Collins") acquired through: (i) ANG Partners, Ltd. ("ANG"), beneficial ownership and control of 33,661,884 common shares (the "Common Shares") of Montana Exploration Corp. ("Montana") pursuant to a debt settlement agreement dated September 18, 2015, whereby ANG agreed to exchange shareholder debt owing to ANG by Montana in the aggregate amount of $3,366,188.40 for 33,661,884 Common Shares at a price of $0.10 per Common Share; and (ii) Rioco Partners, Ltd. ("Rioco"), beneficial ownership and control of 43,788,466 Common Shares of Montana pursuant to a debt settlement agreement dated September 18, 2015, pursuant to which Rioco agreed to exchange shareholder debt owing to Rioco by Montana in the aggregate amount of $4,378,846.60 for 43,788,466 Common Shares at a price of $0.10 per Common Share (collectively, the "Collins Debt Conversion").

Blue Sky Exploration Limited, c/o McIntyre Partners, 30A Brook Street, London, United Kingdom, W1K 5DJ ("Blue Sky") on September 18, 2015 acquired beneficial ownership and control of 15,593,292 Common Shares of Montana pursuant to a debt settlement agreement dated September 18, 2015, pursuant to which Blue Sky agreed to exchange shareholder debt owing by Montana in the aggregate amount of $1,559,329.20 for 15,593,292 Common Shares at a price of $0.10 per Common Share (the "Blue Sky Debt Conversion").

The aggregate of 77,450,350 Common Shares acquired pursuant to the Collins Debt Conversion represent approximately 32% of the issued and outstanding Common Shares of Montana at the close of markets on September 18, 2015.  The aggregate of 15,593,292 Common Shares acquired pursuant to the Blue Sky Debt Conversion represent approximately 6.4% of the issued and outstanding Common Shares of Montana at the close of markets on September 18, 2015. 

Upon the issuance of the Common Shares, Collins beneficially owns and controls approximately 131,652,979 Common Shares and Blue Sky beneficially owns and controls approximately 35,593,292 Common Shares, representing 54.3% and 14.7%, respectively, of the issued and outstanding Common Shares of Montana after the issuance of 42,751,418 Common Shares pursuant to the acquisition of Gale Force Petroleum Inc. 

The acquisition of the Common Shares by Collins is to settle shareholder debt owing to Collins by Montana in the aggregate amount of approximately $7,745,035.00 and shareholder debt owing to Blue Sky by Montana in the aggregate amount of approximately $1,559,329.20.

Collins and Blue Sky may each from time to time dispose of, or acquire, additional securities of Montana.  The Common Shares were issued to ANG, Rioco and Blue Sky in reliance upon the securities for debt exemption in Section 2.14 of National Instrument 45-106 - Prospectus and Registration Exemptions.

This Press Release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which also requires a report to be filed with regulatory authorities in each of the jurisdictions in which Montana is a reporting issuer containing information with respect to the foregoing matters (the "Early Warning Report").

TheTSX Venture Exchange has not reviewed and does not accept the responsibility for the accuracy or adequacy of this press release. 

SOURCE Montana Exploration Corp.

For further information: A copy of the Early Warning Report will appear with Montana's documents on the System for Electronic Document Analysis and Retrieval.


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