The Liquidator of the Magma Fund Ltd. and the Firestone Fund Ltd. Announces the Filing of an Amended and Restated Early Warning Report Relating to the Holding of Securities of North Sea Energy

GENEVA, SWITZERLAND--(Marketwired - June 22, 2017) - The appointed liquidator for the Magma Fund Ltd. (the "Magma Fund") and the Firestone Fund Ltd. (the "Firestone Fund" and collectively with the Magma Fund, the "Funds") announced today the filing of an Amended and Restated Early Warning Report under Part 5 of Multilateral Instrument 62-104 - Take-over Bids and Issuer Bids reporting on the control and direction acquired as part of the liquidation process of the Funds over the securities of North Sea Energy Inc. (the "Company"). This filing was required following comments received from the Ontario Securities Commission following the initial Early Warning Report filed by the Funds on September 6, 2016.

Currently, the liquidator appointed for the liquidation of the Magma Fund, Mr. Alexandre Orloff, has control and direction over 10,141,096 common shares of the Company or approximately 17.1% of all of the issued and outstanding common shares of the Company (collectively, the "Common Shares") and the liquidator appointed for the liquidation of the Firestone Fund, also Mr. Alexandre Orloff, has control and direction over 3,504,262 Common Shares or approximately 5.91% of all of the issued and outstanding Common Shares. Collectively, the liquidator of the Funds has control and direction over 13,645,358 Common Shares or approximately 23.01% of all of the issued and outstanding Common Shares.

The Funds are currently in liquidation process under the supervision of Mr. Alexandre Orloff, an independent liquidator who was appointed by the directors of each of the Funds on April 22, 2010. As such, the liquidator for the Funds will over time dispose of the Common Shares. The Common Shares were acquired by the Funds for investment purposes and not for the purpose of exercising control or direction over the Company.