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Dundee Energy Limited Announces Arbitral Tribunal Decision on Castor Project Expected in March 2017

December 16, 2016

TORONTO, ONTARIO--(Marketwired - Dec. 16, 2016) - Dundee Energy Limited (the "Corporation" or "Dundee Energy") (TSX:DEN) today announced that an arbitral tribunal of the International Chamber of Commerce ("the Court") in Paris, France is expected to issue a decision related to the Castor Project in Spain in March 2017.

Dundee Energy has previously disclosed that a decision from the arbitral tribunal was expected this month, but was informed it has been delayed in order to allow the Court to consider additional submissions from parties involved in the binding arbitration process.

ABOUT DUNDEE ENERGY

Dundee Energy Limited is a Canadian-based oil and natural gas company with a mandate to create long-term value for its shareholders through the exploration, development, production and marketing of oil and natural gas, and through other high impact energy projects. Dundee Energy holds interests, both directly and indirectly, in the largest accumulation of producing oil and gas assets in Ontario and, through a preferred share investment, in certain exploration and evaluation programs for oil and natural gas offshore Tunisia. The Corporation's common shares trade on the Toronto Stock Exchange under the symbol "DEN".

FORWARD LOOKING INFORMATION

This press release contains forward-looking statements. Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions and may include words such as "expects", "anticipates", "intends", or similar expressions. Readers are cautioned that such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. No assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Corporation will derive from them. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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