The Board of Petrox Resources Corp. (TSXV:PTC) announced the spin-off of oil and gas assets from Petrox Resources Corp. (TSXV:PTC) on January 28, 2020. It is intended that all of the oil and gas assets and liabilities of Petrox held just prior to the closing of the concurrent reverse merger transaction will be transferred to a newly created wholly-owned subsidiary of Petrox and that all of the shares of the subsidiary will be distributed by Petrox to all of shareholders of Petrox of record at the time of the distribution. The transaction will be completed by way of a plan of arrangement or other form of transaction to be approved by the shareholders of Petrox and, if applicable, by the Court of Queen's Bench of Alberta.