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ReconAfrica responds to the Globe and Mail's recent inaccurate and defamatory article

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VANCOUVER, BC, June 22, 2021 /CNW/ - Reconnaissance Energy Africa Ltd. (the "Company" or "ReconAfrica") (TSX-V: RECO) (OTCQX: RECAF) (Frankfurt: 0XD) provides a factual response to Globe & Mail's false and defamatory article dated June 20, 2021.

Reconnaissance Energy Africa Ltd. - logo (CNW Group/Reconnaissance Energy Africa Ltd.)
Reconnaissance Energy Africa Ltd. - logo (CNW Group/Reconnaissance Energy Africa Ltd.)

The Globe and Mail's False Allegations

The Globe and Mail article published on June 20, 2021 attacks ReconAfrica and Canada's securities regulators and regulations, not on the basis of a complaint from stockholders, but because clandestine environmental activists - who refused to be identified for the story - are seeking to disrupt the Company's promising operations in Namibia by any means necessary.

In their disruptive activities against ReconAfrica and the Canadian securities regulators, these environmentalists found a willing collaborator in the Globe and Mail, which sought to lend credence to their false claims by misrepresenting the Company's programs and intentions, including its opening of a new office in Calgary. ReconAfrica remains headquartered in British Columbia and is opening a new operations office in Calgary that will not change the Company's regulatory jurisdiction.

Such disruptive activities are an attempt to negatively impact ReconAfrica's share price to the benefit of short sellers. As published by shortdata.ca, ReconAfrica has the largest declared short position of all TSXV companies.

After refusing to provide ReconAfrica with the environmental activist's purported British Columbia Securities Commission's complaint, The Globe and Mail eagerly repeated false and defamatory allegations within its article and intentionally prevented ReconAfrica from responding. ReconAfrica will be seeking a correction of the article, and it will continue to work with securities regulators to ensure compliance with all applicable securities laws and regulations, just as it has done in the past.

About ReconAfrica

ReconAfrica is a Canadian oil and gas company engaged in the opening of the newly discovered deep Kavango Sedimentary Basin, in the Kalahari Desert of northeastern Namibia and northwestern Botswana, where the Company holds petroleum licenses comprising approximately 8.5 million contiguous acres. In all aspects of its operations, ReconAfrica is committed to minimal disturbances in line with international best standards and will implement environmental and social best practices in all of its project areas.

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

Cautionary Note Regarding Forward-Looking Statements: Certain statements contained in this press release constitute forward-looking information under applicable Canadian, United States and other applicable securities laws, rules and regulations, including, without limitation, statements with respect to the Company's commitment to minimal disturbances in line with international best standards and its implementation of environmental and social best practices in all of its project areas. These statements relate to future events or future performance. The use of any of the words "could", "intend", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on ReconAfrica's current belief or assumptions as to the outcome and timing of such future events. There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in these forward-looking statements as a result of the factors discussed in the "Risk Factors" section in the Company's amended and restated annual information form dated May 19, 2021 available under the Company's profile at www.sedar.com. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to ReconAfrica. The forward-looking information contained in this release is made as of the date hereof and ReconAfrica undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

SOURCE Reconnaissance Energy Africa Ltd.


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