Press Release

Sprott Energy Opportunities Trust Announces Exchange Ratios

TORONTO, ONTARIO--(Marketwired - Dec. 12, 2016) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Sprott Asset Management LP ("Sprott"), on behalf of Sprott Energy Opportunities Trust (the "Trust"), is pleased to announce the exchange ratios for the exchange offer by the Trust (the "Exchange Option") being made under the final prospectus of the Trust dated December 6, 2016.

The investment objective of the Trust is to achieve long-term capital growth. The Trust has been created to invest in an actively managed portfolio comprised primarily of equity and equity-related securities of companies that are involved directly or indirectly in the exploration, development, production and distribution of oil, gas, coal, or uranium and other related activities in the energy and resource sector.

The number of units of the Trust ("Units") issuable for each class of security of an Exchange Eligible Issuer (as listed below) (the "Exchange Ratio") has been determined by dividing the weighted average trading price of such security on the Toronto Stock Exchange (or such other exchange or market on which such security is then listed) during the period of five consecutive trading days ending on December 12, 2016 (the "Pricing Period"), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Trust, by $10.00. The Exchange Ratio for any such securities that do not trade in Canadian dollars was determined by converting the weighted average trading price on the applicable exchange of such securities into Canadian dollars based on today's Bank of Canada noon rate of exchange. Holders of securities of Exchange Eligible Issuers who deposited such securities pursuant to the Exchange Option will continue to be holders of record up to but not including the date of the closing of the offering of Units and will be entitled to receive distributions in respect of such securities of Exchange Eligible Issuers that are declared up to but not including such date. Each Exchange Ratio will be rounded down to five decimal places.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Trust pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price during the Pricing Period and the Exchange Ratio.

NAME TICKER CUSIP ISIN VWAP EXCHANGE RATIO
Advantage Oil & Gas Ltd. AAV 00765F101 CA00765F1018 $9.5444 0.95444
ARC Resources Ltd. ARX 00208D408 CA00208D4084 $23.6435 2.36435
Baytex Energy Corp. BTE 07317Q105 CA07317Q1054 $6.7876 0.67876
Birchcliff Energy Ltd. BIR 090697103 CA0906971035 $10.0285 1.00285
Bonavista Energy Corporation BNP 09784Y108 CA09784Y1088 $5.1419 0.51419
Bonterra Energy Corp BNE 098546104 CA0985461049 $28.0437 2.80437
Canadian Energy Services & Technology Corp. CEU 13566W108 CA13566W1086 $7.2611 0.72611
Canadian Natural Resources Limited CNQ 136385101 CA1363851017 $44.4214 4.44214
Cenovus Energy Inc. CVE 15135U109 CA15135U1093 $20.8949 2.08949
Crescent Point Energy Corp. CPG 22576C101 CA22576C1014 $18.4470 1.84470
Crew Energy Inc. CR 226533107 CA2265331074 $7.4940 0.74940
Encana Corporation ECA 292505104 CA2925051047 $16.9595 1.69595
Enerflex Ltd. EFX 29269R105 CA29269R1055 $17.6688 1.76688
Enerplus Corporation ERF 292766102 CA2927661025 $12.3787 1.23787
Ensign Energy Services Inc. ESI 293570107 CA2935701078 $9.4804 0.94804
Freehold Royalties Inc. FRU 356500108 CA3565001086 $14.6486 1.46486
Gran Tierra Energy, Inc. GTE 38500T101 US38500T1016 $3.9376 0.39376
Husky Energy Inc. HSE 448055103 CA4480551031 $16.5520 1.65520
Imperial Oil Ltd. IMO 453038408 CA4530384086 $46.9088 4.69088
Kelt Exploration Ltd. KEL 488295106 CA4882951060 $6.6452 0.66452
MEG Energy Corp. MEG 552704108 CA5527041084 $8.5752 0.85752
Mullen Group Ltd. MTL 625284104 CA6252841045 $19.7577 1.97577
NuVista Energy Ltd. NVA 67072Q104 CA67072Q1046 $7.1842 0.71842
Parex Resources Inc. PXT 69946Q104 CA69946Q1046 $16.7635 1.67635
Pason Systems Inc. PSI 702925108 CA7029251088 $18.7441 1.87441
Peyto Exploration & Development Corp PEY 717046106 CA7170461064 $34.1741 3.41741
PrairieSky Royalty Ltd. PSK 739721108 CA7397211086 $33.4060 3.34060
Precision Drilling Corporation PD 74022D308 CA74022D3085 $7.6681 0.76681
Raging River Exploration Inc. RRX 750649105 CA7506491058 $10.4505 1.04505
Secure Energy Services Inc. SES 81373C102 CA81373C1023 $11.0466 1.10466
Seven Generations Energy Ltd. VII 81783Q105(1) CA81783Q1054(1) $31.5496 3.15496
ShawCor Ltd. SCL 820439107(2) CA8204391079(2) $33.1730 3.31730
Spartan Energy Corp. SPE 846785103 CA8467851033 $3.3151 0.33151
Suncor Energy Inc. SU 867224107 CA8672241079 $43.0669 4.30669
Surge Energy Inc. SGY 86880Y109 CA86880Y1097 $3.0160 0.30160
TORC Oil & Gas Ltd. TOG 890895303 CA8908953034 $8.2629 0.82629
Tourmaline Oil Corp. TOU 89156V106 CA89156V1067 $37.1578 3.71578
Vermilion Energy Inc. VET 923725105 CA9237251058 $57.1276 5.71276
Whitecap Resources Inc. WCP 86467A200 CA96467A2002 $12.2255 1.22255

(1) Class A Common Shares of Seven Generations Energy Ltd.

(2) Class A subordinate voting shares of ShawCor Ltd.

The offering is being conducted by a syndicate of agents led by RBC Capital Markets, CIBC and TD Securities Inc. and including BMO Capital Markets, National Bank Financial Inc., Scotiabank, GMP Securities L.P. Manulife Securities Incorporated, Raymond James Ltd., Canaccord Genuity Corp., Desjardins Securities Inc., Industrial Alliance Securities Inc. and Sprott Private Wealth LP.

This offering is only made by prospectus. The prospectus contains important detailed information about the securities being offered. Copies of the prospectus may be obtained from any of the above-mentioned agents. Investors should read the prospectus before making an investment decision.

The Units have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the United States, and may not be offered or sold, directly or indirectly, in the United States (as defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable securities laws of any state of the United States or in reliance on an exemption from such registration requirements. This news release does not constitute an offer to sell, or a solicitation of an offer to buy any of the securities set out herein in the United States.

About Sprott Asset Management LP

Sprott Asset Management LP is a leading independent asset management company headquartered in Toronto, Canada. The company manages the Sprott family of mutual funds, hedge funds, physical bullion funds and specialty products and is dedicated to achieving superior returns for its investors over the long term. The company also manages discretionary managed accounts. Please visit us at www.sprott.com to learn more about our investment professionals and their market insights.

For more information on Sprott, please visit www.sprott.com or inquiries regarding the offering, please contact us at (416) 943-6707 or (866) 299-9906 or invest@sprott.com.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expects", "intends", "anticipates", "will" and similar expressions to the extent that they relate to the Trust. The forward-looking statements are not historical facts but reflect Sprott's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Although Sprott believes the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Neither the Trust nor Sprott undertake any obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law.

Contact Information

Sprott
(416) 943-6707 or (866) 299-9906
invest@sprott.com
www.sprott.com

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An investor should consider investment objectives, risks, charges and expenses carefully before investing. The prospectuses contain this and other important information. For more information about the ETFs or to obtain a prospectus, call 1.855.215.1425. Read the prospectuses carefully before investing. The ETFs are distributed by ALPS Distributors, Inc. ALPS Advisors, Inc. is the investment adviser to the ETFs and Sprott Asset Management LP is the investment sub-adviser. Sprott is not affiliated with ALPS.

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