Arcan Resources Ltd. ("Arcan" or the "Corporation") (TSX VENTURE:ARN) is today
mailing the information circular ("Information Circular") and accompanying
meeting materials detailing the previously announced plan of arrangement (the
"Arrangement") involving the recapitalization and acquisition of Arcan by
privately owned Aspenleaf Energy Limited ("Aspenleaf"). These documents are also
filed under Arcan's profile on SEDAR and posted on Arcan's website for review by securityholders. 

Under the Arrangement, Arcan's shareholders will exchange each Arcan share for
one common share and 0.1 of a common share purchase warrant ("Miura Warrant") in
a new company, Miura Energy Ltd. ("Miura"). Miura will become an independent
company that will own 12.5 percent of the interest held by Arcan in its oil and
gas properties in the Swan Hills area of Alberta. Each whole Miura Warrant will
be exercisable for one common share of Miura at an exercise price of $0.43 for a
period of 9 months following completion of the Arrangement. The Arrangement also
provides that Aspenleaf will fund the recapitalization of Arcan's debt, which
will include a payment to holders of all of Arcan's outstanding convertible
debentures of an aggregate of $141.3 million, plus outstanding interest, after
which the debentures will be cancelled. Debentureholders will receive, for each
$1,000 principal amount outstanding, $825.11 as well as 100 Miura Warrants.
Arcan expects that Miura will be a financially viable entity that provides
securityholders with the opportunity to participate in Swan Hills oil production
growth and exploration. Securityholders are being asked to vote on the
Arrangement at a meeting scheduled for August 20, 2014. Details regarding the
securityholders' meeting and Miura's proposed business are set forth in the
Information Circular filed today.

"This Arrangement will restructure the economic foundation of Arcan. By
repairing Arcan's balance sheet and allowing for the investment of new capital,
the transaction removes the existing constraints on Arcan and permits the
recapitalized entity to accelerate the development of the assets and realize
their full potential. Our investors will have the opportunity to share in the
potential growth and value creation through ownership in Miura," said Terry
McCoy, Arcan's Chief Executive Officer. 

"For the past two years, we have successfully put Arcan's operations back onto
solid footing through cost reductions, asset sales, improved drilling results,
increased production and stronger financial netbacks. Despite these gains, Arcan
has been severely constrained by the cost of debt servicing and looming
deadlines to repay its large debts. The Arrangement is an essential step that we
need to take as we believe Arcan, as presently structured, cannot realize its
full potential without significant access to new capital. Therefore, after a
comprehensive review of its restructuring options, and the negotiation of the
Arrangement with Aspenleaf, the Board of Directors has recommended that
shareholders and debentureholders vote in favour of this transaction, which
offers numerous financial benefits and a promising future for investors," McCoy

Aspenleaf is led and run by five highly accomplished oil and gas professionals
who have more than 100 years of collective experience developing Western
Canadian oil and gas properties into sustainable and profitable businesses.
Aspenleaf is backed financially by ARC Financial Corp. and the Ontario Teachers'
Pension Plan - institutions with a strong track record of successful oil and gas

"Aspenleaf believes in the long-term potential of Arcan's Swan Hills assets and
the potential for growth through the continuous improvement that is evident in
the recent operating achievements of Arcan's team - staff that we plan to
retain. Aspenleaf has access to capital that will solve Arcan's debt problem,
and new funds to fully develop and grow the Swan Hills assets in an ambitious
and efficient manner. When we combine the assets, the capital and the people,
the renewed Arcan and our Swan Hills partner Miura will have the essential
attributes necessary to deliver long-term investor returns," said Bryan Gould,
President & Chief Executive Officer of Aspenleaf. 

Arcan and Aspenleaf strongly encourage shareholders and debentureholders to read
the comprehensive Information Circular filed today, consult with their financial
advisor and vote in person, or by proxy, in time to be counted at the
securityholders meeting on August 20, 2014. 

"We believe that once you have had the opportunity to compare this Arrangement
with Aspenleaf against the uncertainty of Arcan continuing on its own, with an
increasingly challenged financial position, voting in favour of the Arrangement
with Aspenleaf is the highly preferred choice that makes clear sense," said Doug
Penner, Arcan's President.

New leadership at Miura Energy 

Upon completion of the transaction, Arcan's current Chief Operating Officer Mark
Smith is expected to be named President and CEO of Miura. Mr. Smith is an
accomplished engineer with more than 30 years in leadership positions focused on
production, operations, budgeting, capital management and project execution for
North American intermediate and senior companies developing oil and natural gas
in the Western Canadian Sedimentary Basin. Mr. Smith holds a Bachelor of
Engineering Science in chemical engineering from the University of Western
Ontario and is a Professional Engineer. Arcan's current Executive Vice President
Andy Fisher and Chief Financial Officer Graeme Ryder will join Mr. Smith in
similar roles on Miura's three-person executive team. In addition to its Swan
Hills interest, Miura will consider production acquisition opportunities outside
of the Swan Hills area with a view towards diversification.

                   CONFERENCE CALL TODAY at 11:00 a.m. ET                   
A conference call and webcast to discuss this transaction between Arcan and 
Aspenleaf will be held for the investment community today at 9:00 a.m. MT   
(11:00 a.m. ET).                                                            
To participate, please dial (866) 225-2055 (toll-free in North America) or  
(416) 340-2219 approximately 10 minutes prior to the conference call.       
An archived recording of the call will be available from approximately 12   
p.m. MT on July 24 until 11:59 p.m. MT on August 7, 2014 by dialing (800)   
408-3053 or (905) 694-9451 and entering passcode 3951705.                   
A live and archived audio webcast of the conference call will also be       
available via the following link:                                           

Any questions and requests for assistance may be directed to Arcan's proxy
solicitation agent CST Phoenix Advisors:

                       North American Toll Free Phone:                      
                               (800) 239-6513                               
               Banks, Brokers and collect calls: 201-806-2222               
                     Toll Free Facsimile: 1-888-509-5907                    

About Arcan Resources Ltd. 

Arcan Resources Ltd. is an Alberta, Canada corporation that is principally
engaged in the exploration, development and acquisition of petroleum and natural
gas located in Canada's Western Sedimentary Basin. Additional information about
the Corporation is available under Arcan's profile on SEDAR at and
its website, 

About Aspenleaf Energy Ltd. 

Aspenleaf Energy Limited is a private oil and gas company that is focused on the
acquisition and exploitation of light oil and liquids-rich gas assets in Western
Canada. Aspenleaf is run by a highly experienced team, with combined industry
experience of well over 100 years and headed by President and CEO Bryan Gould.
The company is backed by ARC Financial Corp, a Canadian energy-focused private
equity manager, and Ontario Teachers' Pension Plan, one of Canada's most active
pension investors. 

Forward-Looking Information and Statements

This press release contains certain forward-looking information and statements
within the meaning of applicable securities laws. The use of any of the words
"will", "shall", "continue", "expect" and similar expressions are intended to
identify forward-looking information or statements. In particular, but without
limiting the foregoing, this press release contains forward-looking information
and statements pertaining to, among other things, the following: the expected
results of the Arrangement, the expected timing of the securityholders' meeting,
the proposed new management team of Miura, the future upside of the Swan Hills
play and Aspenleaf will have significant access to capital to accelerate
development of the Swan Hills play and prospects for Miura's future growth,
success and financial viability. 

The forward-looking information and statements contained in this press release
reflect several material factors and expectations and assumptions of Arcan
including, without limitation, expectations and assumptions relating to the
Corporation and Miura being able to receive all required regulatory approvals to
consummate the Arrangement, the ability of the Corporation to obtain the
required levels of securityholder approval for the Arrangement, the availability
of the new management team of Miura to participate as described in this news
release, Aspenleaf's, the Corporation's and Miura's future access to capital and
certain commodity price and other cost assumptions underlying the statements
regarding the future prospects of Arcan and Miura. Arcan believes the material
factors, expectations and assumptions reflected in the forward-looking
information and statements are reasonable at this time but no assurance can be
given that these factors, expectations and assumptions will prove to be correct.
The forward-looking information and statements included in this press release
are not guarantees of future performance and should not be unduly relied upon.
Such information and statements involve known and unknown risks, uncertainties
and other factors that may cause actual results or events to differ materially
from those anticipated in such forward-looking information or statements
including, without limitation: failure to realize the anticipated benefits of
the transaction, failure to obtain the necessary approvals, or to otherwise
satisfy the conditions of the transaction, in a timely manner, or at all; and
certain other risks detailed from time to time in Arcan's public disclosure
documents including, without limitation, those risks identified in this press
release, the Information Circular filed today and in Arcan's annual information
form, copies of which are available on Arcan's SEDAR profile at 

The forward-looking information and statements contained in this press release
speak only as of the date of this press release, and Arcan does not assume any
obligation to publicly update or revise them to reflect new events or
circumstances, except as may be required pursuant to applicable laws. 

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

Arcan Resources Ltd.
Terry McCoy
Chief Executive Officer
(403) 262-0321

Arcan Resources Ltd.
Douglas Penner
(403) 262-0321

Aspenleaf Energy Limited
Bryan Gould
President & Chief Executive Officer
(587) 390-6444

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