The terms of the financing remain the same as previously announced on

Crest Petroleum Corp

Suite 800, 1199 West Hastings Street Vancouver, BC, V6E 3T5

FINANCING

May 14, 2015– Vancouver, B.C. – Crest Petroleum Corp. (TSXV:CTP.H) (“Crest” or the “Company”) announces that further to its news release of April 8, 2015, due to current market conditions, the Company now expects to close its financing on or before June 22, 2015.

The terms of the financing remain the same as previously announced on April 8, 2015. The Company will be arranging a non-brokered private placement of up to 3,000,000 shares at a price of $0.055 per share to raise gross proceeds of up to $165,000,

The securities issuable in the private placement will have a hold period of four months from the closing.

The gross proceeds of up to $165,000 are intended to be used for working capital and to fund future property acquisitions.

The private placement is subject to acceptance for filing by the NEX Board of the TSX Venture Exchange.

Neither the TSXV 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 news release.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, included herein including, without limitation, statements about our proposed financing are forward looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Risk factors affecting the Company include, among others: global financial conditions and volatility of capital markets, uncertainty regarding the availability of additional capital, fluctuations in commodity prices; and the additional risks identified in our filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.

On behalf of the Board of Directors of Crest Petroleum Corp.

“Richard Silas”

Richard Silas, President and Director

FOR FURTHER INFORMATION PLEASE CONTACT:

Richard Silas President Tel: 778-588-7139 Email: [email protected]