Simpson Oil Limited Announces Agreement with Parkland Corporation

GRAND CAYMAN, Cayman Islands, March 23, 2023 /CNW/ - This press release is being issued by Simpson Oil Limited ("Simpson Oil") pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issuers ("NI 62-103") in connection with the entering into of a board nomination agreement (the "Agreement") between Simpson Oil and Parkland Corporation ("Parkland") dated March 21, 2023 and further to the press release of Parkland dated March 22, 2023. Pursuant to the Agreement, Simpson Oil is entitled to designate up to two nominees to stand for election to the board of directors of Parkland at each meeting of shareholders of Parkland at which directors are to be elected, in accordance with the terms and conditions set out therein. The terms of the Agreement include customary voting support obligations with respect to the election of directors and other routine matters.

Simpson Oil holds 34,444,050 common shares ("Parkland Common Shares") in the capital of Parkland, representing approximately 19.63% of the issued and outstanding Parkland Common Shares.

Subject to compliance with applicable laws and any applicable contractual restrictions, Simpson Oil may from time to time dispose of or acquire additional securities of Parkland.

Parkland's head office address is Suite 1800, 240 4th Avenue SW, Calgary, Alberta, Canada, T2P 4H4. Simpson Oil's head office address is 94 Solaris Avenue - 2nd Floor, PO Box 30745, Camana Bay, Grand Cayman, KY1-1203, Cayman Islands.

This press release is being issued by Simpson Oil as a result of a change in a material fact set out in a previous report. In accordance with NI 62-103, an early warning report will be filed by Simpson Oil on Parkland's SEDAR profile at www.sedar.com. A copy of such report may also be obtained by contacting KymZelinskiat1-416-863-2630.

SOURCE Simpson Oil Limited