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RESERVE HIGHLIGHTS

Mapan has received a report from its independent reserves evaluators, GLJ Petroleum Consultants ("GLJ"), prepared in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and with an effective date of December 31, 2014. All reserve estimates stated herein are derived from GLJ's evaluation as were detailed in the Company's press release dated January 29, 2015.

• The Company's Proved Reserves increased from the March 31, 2014 report by 19% from 12.58 million (MM) Barrels of Oil Equivalent (BOE) ⁽¹⁾ to 15 MM BOE at year end December 31, 2014.

• Proved plus Probable Reserves increased by 27% from 15.16 MM BOE to 19.18 MM BOE.

• Proved Producing Reserves are 12.64 MM BOE and represent 84% of all Proved Reserves and 66% of all Proved plus Probable Reserves.

• Proved Reserves increased by 2.42 MM BOE. The majority of the increase is due to upward technical revisions that are due to improved performance of the producing wells.

• The Net Present Value of future net revenue attributable to the reserves (before tax) discounted at 10% is $117.6 MM for the Proved Reserves and $144.5 MM for the Proved plus Probable Reserves.

• The undiscounted, total future development capital for the Proved plus Probable Reserves is $33.4MM.

• The Company's Proved and Proved plus Probable Reserves are comprised of 94% natural gas and 6% oil and natural gas liquids.

• Finding, Development and Acquisition costs⁽²⁾ ("FD&A") for 2014 for Proven Reserves were $8.86 per boe ($10.67 per boe including future capital) and for Proven plus Probable Reserves were $6.93 per boe ($8.68 per boe including future capital). Undiscounted future capital is $33.4 million.

OPERATIONAL REVIEW

Mapan's lands are located in the Deep Basin areas of Alberta and British Columbia.

The Company commenced its drilling activities in January 2015 which was comprised of 3 wells, (gross and net) in the Fir area of the Alberta Deep Basin. Two of these wells are completed and will be tied into the Company's facilities in early March while the third will be completed and tied in after spring break-up.

As reported on September 16, 2014, natural gas production from the Company's Deep Basin North properties at Chinook Ridge, Alberta and Hiding Creek, British Columbia were on restricted rates due to repairs and maintenance conducted by Trans Canada Pipelines Ltd on its NGTL systems downstream (east) of the Elmworth gas plant. Mapan's early September production of approximately 30MMcf/d processed at Elmworth was restricted by approximately 12MMcf/d (2,000 boe/d) due to these repairs. These production restrictions continued throughout the fourth quarter of 2014. Production from the Deep Basin North properties represents approximately 70% of Mapan's production.

In January 2015, there were additional restrictions due to ongoing maintenance on the NGTL system which has restricted the Company's production to 5,400 boe/d and between 1,200-1,300 boe/d still remains shut-in. The Company expects production, once restrictions are completely lifted, to return to approximately 6,700 boe/d.

CAPITAL AND OUTLOOK

Mapan's capital program for 2015 remains flexible since the Company has minimal commitments or financial obligations on its current assets. It is anticipated that natural gas prices for the balance of 2015 will remain much lower than 2014 thus the Company plans to conserve capital and apply a prudent approach to capital expenditures. In the first quarter of 2015, the Company entered into a financial derivative contract to mitigate exposure to the near term volatility of natural gas prices. The Company has entered into a natural gas contract at a price of $2.57 gigajoules ("GJ's") with a notional volume of 10,000 GJs for the balance of 2015.

Expenditures for the first half of 2015 are estimated at $9-10 million. Current estimates for the second half of the year are approximately $4 million. Of these 2015 expenditures, 34% are drilling, 36% completions and equipping, 25% on workovers and recompletions of existing wells and 5% on land. If natural gas and oil prices increase significantly or decline further, then the Company will revise its capital program accordingly.

The Company currently believes it has over 50 development locations on its lands however, it has only booked eight proven undeveloped locations. Mapan believes there are additional economic locations and will seek to book additional drilling locations as commodity prices improve and cash flow increases.

With a strong balance sheet, Management believes the Company has sufficient resources to fund its ongoing programs.

CORPORATE DEVELOPMENT

Mapan is pleased to announce that it has retained Ron MacMicken in the role of Corporate Development Consultant. Ron has over 20 years experience in the oil and gas and investment banking industry and will be working with management to evaluate various options for enhancing and growing the value of the Company.

APPROVAL OF ADVANCE NOTICE BY-LAW

Mapan also announces the adoption of an advance notice bylaw (the "Bylaw"). The Bylaw, as approved by the Board, includes, among other things, a provision that requires advance notice to the Company in circumstances where nominations of persons for election to the Board are made by shareholders of the Company other than pursuant to: (i) a shareholder proposal made in accordance with the Business Corporations Act (Alberta) (the "Act"); or (ii) a requisition of a meeting made in accordance with the Act.

Among other things, the Bylaw fixes a deadline by which shareholders must submit director nominations to Mapan prior to any annual or special meeting of shareholders and sets forth the specific information that a shareholder must include in the written notice to Mapan for an effective nomination to occur. No person will be eligible for election as a director of the Company unless nominated in accordance with the provisions of the Bylaw.

In the case of an annual meeting of shareholders, notice to Mapan must be made not less than 30 days prior to the date of the annual meeting of shareholders; provided, however, that in the event that the annual meeting of shareholders is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the 10th day following such public announcement.

In the case of a special meeting (which is not also an annual meeting), notice to the Company must be made not later than the close of business on the 15th day following the day on which the first public announcement of the date of the special meeting of shareholders was made.

The Bylaw is effective and in full force and effect as of the date hereof. The Bylaw will be put to shareholders of the Company for ratification at Mapan's next annual meeting of shareholders. If the Bylaw is not confirmed at the meeting by ordinary resolution of shareholders, the Bylaw will terminate and be of no further force and effect following the termination of the meeting.

The full text of the Bylaw will be available via SEDAR at www.sedar.com.

ABOUT MAPAN

Mapan owns production, lands and P&NG rights in two areas of the Alberta and British Columbia Deep Basin comprised of 200,000 gross acres (159,000 net acres) of which approximately 119,000 net acres are undeveloped. Current production is approximately 5,400 boe/d and is comprised of 94% natural gas.

ADVISORIES

FORWARD LOOKING STATEMENTS: This press release contains forward looking statements. More particularly, this press release contains forward looking statements concerning the expected restrictions on production as disclosed herein and the timing and effect thereof, timing of completion and tie-in of new wells, plans to place Bylaw before shareholders for ratification, 2015 capital expenditure program and nature of expenditures, plans to add additional drilling locations, expectations with regard to commodity prices and expectations that the Company has sufficient funds to fund its ongoing programs.

As the Company's capital budget has been modified, any previously made estimates of 2015 cash flow are withdrawn.

Although MAPAN believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because MAPAN cannot give assurances that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Risks include risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets and other economic and industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling services, incorrect assessment of value of acquisitions and failure to realize the benefits therefrom, delays resulting from or inability to obtain required regulatory approvals, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources, economic or industry condition changes and risks associated with the repairs and maintenance that are causing the anticipated curtailment of production and the timing thereof. Actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Paris and MAPAN will derive therefrom. Additional information on these and other factors that could affect Paris and MAPAN are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

The forward looking statements contained in this press release are made as of the date hereof and neither Paris nor MAPAN undertakes any obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Barrels of Oil Equivalent: Disclosure provided herein in respect of barrels of oil equivalent (BOE) may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1; utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Drilling Locations: Of the 50 development locations identified herein, eight are booked in the Company's year-end reserve report and 42 are unbooked but are based on management's internal estimates. Unbooked locations do not have attributed reserves or resources and have been identified by management as an estimation of our future drilling activities based on an evaluation of applicable geological, seismic, engineering and mapping information. There is no certainty that the Company will drill all unbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. Drilling locations on which wells are actually drilled will ultimately depend up on the availability of capital and the allocations of such capital (which may be dependent upon various matters including the relative return of each potential well compared to other capital allocations), regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, and actual drilling results and other factors.

Certain of the unbooked drilling locations have been derisked by drilling existing wells in relative close proximity to such unbooked drilling locations. With respect to other unbooked drilling locations therefore there is more uncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production.

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