Toronto, Ontario--(Newsfile Corp. - September 11, 2015) - Black Birch Capital Acquisition III Corp. (TSXV: BBC.P) ("Black Birch"), a capital pool company (as defined in Policy 2.4 (the "CPC Policy") of the TSX Venture Exchange (the "Exchange")), is pleased to announce that, further to its press release dated August 4, 2015, it has entered into a definitive agreement (the "Agreement") dated September 9, 2015 with Advantagewon Oil Corp. ("Advantagewon"), in respect of a proposed Qualifying Transaction "ProposedTransaction").

If the Proposed Transaction is completed (the "Closing"), Black Birch would acquire all of the issued and outstanding common shares in the capital of Advantagewon (the "Advantagewon Shares") in exchange for the issuance of an aggregate of 50,322,235 of common shares in the capital of Black Birch (the "Black Birch Shares") at a price per Black Birch Share equal to $0.30. Immediately after the Closing and as a result of the Share Exchange, (i) Advantagewon would be a direct, wholly-owned subsidiary of the Resulting Issuer (the "Resulting Issuer" being Black Birch immediately after the Closing), and (ii) the Advantagewon Shareholders will collectively exercise control over the Resulting Issuer.

About Advantagewon:

Advantagewon is a junior oil production and exploration company that is targeting small economical deposits in Texas, USA. Additional information on its two properties are available in the August 4, 2015 press release. 

Terms of the Proposed Transaction:

As stated above, the Agreement provides that on the Closing, Black Birch will acquire all of the Advantagewon Shares in exchange for the issuance to the Advantagewon Shareholders of an aggregate of 50,322,235 Black Birch Shares (the "Share Consideration") at a price per Black Birch Share equal to $0.30. Immediately after the Closing, Advantagewon will be a direct, wholly-owned subsidiary of the Resulting Issuer and the Advantagewon Shareholders will collectively exercise control over the Resulting Issuer.

It is expected that on Closing, the Resulting Issuer will be a Tier 1 issuer pursuant to the policies of the Exchange. As the Proposed Transaction does not constitute a Non Arm's Length Qualifying Transaction (as defined in the CPC Policy), it does not require the approval of the Black Birch Shareholders.

Proposed Financing:

Prior to or in conjunction with the Closing, Advantagewon intends to complete a non-brokered equity financing(s) for gross proceeds of not less than $500,000 the "Financing").

Conditions to Completion of the Proposed Transaction:

The Closing is subject to satisfaction or waiver of terms and conditions, customary or otherwise, including but not limited to satisfactory completion of the Financing, acceptance by the Exchange of the Proposed Transaction and other applicable regulatory approvals. There can be no assurance that the Proposed Transaction will be completed as proposed or at all.

Completion of the Proposed Transaction is subject to a number of conditions, including but not limited toExchange acceptance and if applicable pursuant to Exchange Requirements, majority of the minorityapproval. Where applicable, the Proposed Transaction cannot close until the required shareholderapproval is obtained. There can be no assurance that the Proposed Transaction will be completed asproposed or at all.Investors are cautioned that, except as disclosed in the management information circular or filingstatement to be prepared in connection with the Proposed Transaction, any information released orreceived with respect to the Proposed Transaction may not be accurate or complete and should not berelied upon. Trading in the securities of a capital pool company should be considered highly speculative.

The Exchange has in no way passed upon the merits of the Proposed Transaction and has neitherapproved nor disapproved the contents of this press release.

Certain information in this press release may contain forward-looking statements. Thisinformation is based on current expectations that are subject to significant risks anduncertainties that are difficult to predict. Actual results may differ materially from resultsinferred or suggested in any forward-looking statements. Black Birch assumes no obligation toupdate the forward-looking statements, or to update the reasons why actual results may differfrom those reflected in forward-looking statements unless and until required by applicablesecurities laws. Additional information identifying risks and uncertainties is contained in Black Birch's filings with the Canadian securities regulators, which filings are available atwww.sedar.com.

For more information, please contact:

Black Birch:
Paul Haber
Chairman, President and CEO
phaber@blackbirchcap.com
(416) 318-6501