Norrep Short Duration 2014 Flow-Through Limited Partnership Completes Rollover Transaction

CALGARY, ALBERTA--(Marketwired - March 27, 2015) - Norrep Capital Management Ltd. (Norrep Capital), the promoter and manager of the Norrep Short Duration 2014 Flow-Through Limited Partnership (the Partnership) announces that the previously announced tax deferred transfer of the assets of the Partnership to Norrep Opportunities Corp. (Norrep Opportunities), an open end mutual fund corporation, in exchange for MF Series shares of Norrep Energy Class, a class of shares of Norrep Opportunities (MF Series Shares), has been completed effective March 27, 2015 (the Liquidity Transaction).

The net asset values were calculated as at the close of business on March 26, 2015. The Partnership closed at a final price of $4.22 per unit. The Partnership received an aggregate of 1,424,815 MF Series Shares with a net asset value of approximately $16,786,173. As a result of the transfer, each limited partner (investor) of the Partnership will receive, upon dissolution of the Partnership, approximately 0.3579 of a MF Series Share for each limited partnership unit based on a net asset value of $4.22 per unit. The estimated adjusted cost base for the Partnership is $2.1997 per unit, which translates to $6.1465 per share for the MF Series Shares distributed to investors. The MF Series Shares will be distributed to the limited partners within five business days following the date of dissolution of the Partnership.

The Partnership will be dissolved in accordance with the Partnerships Act (Alberta) on March 27, 2015.

Norrep Energy Class is a publicly offered mutual fund, as are the other classes of Norrep Opportunities. Norrep Opportunities is managed by Norrep Capital (formerly named Hesperian Capital Management Ltd.), which is also the portfolio adviser to the Partnership. Information about Norrep Energy Class and Norrep Opportunities, such as their simplified prospectus, Fund Facts documents, annual information form and financial statements, is available at the Norrep Investments website (www.norrep.com) and also at www.sedar.com.

There are no fees for investors related to the Liquidity Transaction and no costs associates with the Liquidity Transaction will be charged to Norrep Opportunities. The Liquidity Transaction does not represent a taxable event. Investors may indefinitely defer the capital gains tax liability that would otherwise occur upon the disposition of the investment by continuing to hold the MF Series Shares of Norrep Energy Class or by initiating a tax-deferred switch to another mutual fund class within the multi-class structure of Norrep Opportunities. The other mutual funds making up Norrep Opportunities are:

FUND	ASSET CLASS
Norrep II Class Norrep All Cap Quant Class Norrep Income Growth Class Norrep US Dividend Plus Class Norrep Global Class Norrep Entrepreneurs Class Norrep High Yield Class Norrep Global Income Growth Class Norrep Tactical Opportunities Class	Canadian small/mid cap equity Canadian equity Canadian equity balanced U.S. equity Global equity Canadian small/mid cap equity High yield fixed income Global equity balanced Tactical balanced

Information about Norrep Opportunities, including Norrep Energy Class

Information about Norrep Energy Class and Norrep Opportunities is available in the Norrep Opportunities' Fund Facts documents, simplified prospectus, annual information form, management reports of fund performance and financial statements. You can obtain a copy of these documents at your request and at no cost by contacting Norrep toll free at: 1-877-431-1407, by e-mailing info@norrep.com, by downloading from www.norrep.com or www.sedar.com or from your financial advisor.

Norrep Capital Management Ltd. is a Canadian investment firm managing approximately $1.3 billion in a strategically focused group of investment funds and limited partnerships with offices in Calgary and Toronto.

For further information with respect to Norrep Opportunities, Norrep Energy Class or the Partnership, please contact:

Norrep Capital Management Ltd.

Manager, Dealer & Client Services

Attention: Holly Luong

1100, 606 - 4th Street SW

Calgary, Alberta, T2P 1T1

Toll Free: 1 -877-431-1407

Email: info@norrep.com / Website: http://www.norrep.com/

Certain information set forth in this press release, including a discussion of the timing and completion of the dissolution of the Partnership, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond management's control, including but not limited to, the receipt of any required consents or approvals. Actual results, performance or achievement could differ from those expressed in or implied by these forward-looking statements and there is no assurance that the dissolution will be completed when stated or at all.