On June 11, 2015, Michael Caetano, Concerned Shareholder, announced to the shareholders of Terra Nova Energy Ltd. that he has provided notice to Terra Nova that he will nominate Michael Caetano, Kent Harold Edney, Robert Madzej and Peter John Cockcroft as directors of Terra Nova at the annual general meeting of the shareholders of Terra Nova scheduled on July 15, 2015. Michael Caetano added his views that the Board and management of Terra Nova have allowed Terra Nova's interest in PEL 112 and 444 to be diluted to just 20% and at the same time allowing for an opportunity for Perseville to increase its interest. The Concerned Shareholder views that these actions are not in the best interest of Terra Nova and that such actions have benefited insiders of Terra Nova through their relationship with Perseville.