PrairieSky Royalty Declares April Dividend and Announces Date for Q1 2015 Results Conference Call

CALGARY, ALBERTA--(Marketwired - April 16, 2015) - PrairieSky Royalty Ltd. ("PrairieSky") (TSX:PSK) announced today that its Board of Directors has declared a dividend of CDN $0.10833 per common share to be paid on May 19, 2015 to shareholders of record on April 30, 2015.

This dividend is designated as an "eligible dividend" for Canadian income tax purposes.

PrairieSky offers a Dividend Reinvestment Plan ("DRIP") as an optional plan for its shareholders. The DRIP provides the option for Canadian holders of PrairieSky common shares to have their cash dividends reinvested into additional common shares. Common shares issued under the DRIP are issued at 99% of the volume weighted average price of the common shares traded on the Toronto Stock Exchange during the last five trading days preceding the relevant dividend payment date or acquired at prevailing market rates, with no broker fees or commissions. Participation in the DRIP is optional; shareholders who do not wish to participate in the DRIP will continue to receive cash dividends.

Additional details on how to participate in the DRIP are available on PrairieSky's website (www.prairiesky.com) and TMX Equity Transfer Services Inc.'s ("Equity Transfer") website (www.tmxequitytransferservices.com). The DRIP and the enrolment form are also available on PrairieSky's website and Equity Transfer's website or by calling or emailing Equity Transfer at 1-866-393-4891 or tmxequitytransferservices@tmx.com. Shareholders should carefully read the complete text of the DRIP before making any decisions regarding their participation in the DRIP.

PrairieSky will release its Q1 2015 results on Monday, April 27, 2015 after markets close. The news release detailing PrairieSky's Q1 2015 results will provide operating and financial information. Financial statements and management's discussion and analysis will be available on PrairieSky's website at www.prairiesky.com and on SEDAR at www.sedar.com.

A conference call to discuss the results will be held for the investment community on Tuesday, April 28, 2015 beginning at 6:30 a.m. MT (8:30 a.m. ET). To participate in the conference call, approximately 10 minutes prior to the conference call, please dial:

(877) 291-4570 (toll-free in North America)

(647) 788-4919 (Toronto & International)

About PrairieSky Royalty Ltd.

PrairieSky is a royalty-focused company, generating royalty revenues as petroleum and natural gas are produced from its properties. PrairieSky has a diverse portfolio of properties that have a long history of generating stable free cash flow and that represent one of the largest and most concentrated independently-owned fee simple mineral title positions in Canada. PrairieSky common shares trade on the Toronto Stock Exchange under the symbol PSK.