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| Press Release

Granite Oil Corp. Announces Monthly Dividend for October, 2017

CALGARY, Alberta, Oct. 12, 2017 (GLOBE NEWSWIRE) -- Granite Oil Corp. (“Granite”) (TSX:GXO) (OTCQX:GXOCF) will pay a dividend of 3.5 cents per common share in cash on November 15, 2017, to shareholders of record on October 31, 2017. This dividend has been designated as an eligible dividend for Canadian income tax purposes.

The Board and Management of Granite remain comfortable with this dividend rate in the current commodity price environment and expect no change to the Company’s dividend policy for the foreseeable future.

For further information, please contact Michael Kabanuk, President & CEO by telephone at (587) 349-9123.

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