Troy Energy Corp. Announces Graduation to TSX-V, $1M Equity Financing

Vancouver, B.C., Canada May 3, 2018

NEX Symbol: TEG.H

NEWS RELEASE

TROY ENERGY CORP. ANNOUNCES GRADUATION TO TSX-V, $1M

EQUITY FINANCING

Troy Energy Corp. (the "Corporation" or "Troy") is pleased to announce that the TSX Venture

Exchange has condit ionally accepted its application for the graduation of the Corporation's

listing from the NEX to the TSX Venture Exchange as a Tier 2 Issuer (the "Graduation"). In

connection with the Graduation, Troy is conducting a private placement equity financing for

gross proceeds of up to $1,000,000. The financing will consist of the offering of up to $400,000

of units (each, a "Unit") at a price of $0.10 per Unit and up to $600,000 of flow-through shares at

a price of $0.15 per flow -through share. Each Unit will be comprised of one common share and

one-half of one common share purchase warrant, with each whole warrant entitling the holder

thereof to acquire one common share at a price of $0.25 for a period of two (2) years from the

date of issuance. The proceeds from this private placement will be used for exploration work on

the Corporation's 3,231 hectare Yellowknife Gold Belt mineral property centered 75 kilometres

north of Yellowknife and for general working capital purposes.

The Corporation expects to give e ffect to its proposed name change (as approved by

shareholders at the Corporation's annual shareholders' meeting held on December 7, 2017) to

'Troy Minerals Corp.' concurrently with the Graduation.

The Corporation also announces that it has re-filed an up dated technical report on the

Yellowknife Gold Project ( "YGP") (prepared in accordance with National Instrument 43-101 –

Standards of Disclosure for Mineral Projects ("NI 43 -101")) to account for minor technical

comments arising during the course of the T SX-V Graduation review. The updated report is

entitled "NI 43-101 Technical Report on The Yellowknife Gold Proje ct, Northwest Territories ,

Canada", and was prepared by Dr. Derek Wilton, P.Geo; FGC, an independent qualified person

("QP") as defined by NI 43-101. The technical report summary recommendation is "that good

gold exploration potential is present within the YG P holdings as discussed in this report and that

further evaluation of this potential is warranted ". A Phase 1 work program is recommended, at

an estimated cost of $200,000. A complete copy of the technical report can be found under the

Corporation's profile at www.sedar and on Troy's website.

The Corporation further announces that Rick Wingate has been appointed Chief Executive

Officer (in addition to his current role as President). Jim Owen has tendered his resignation as

Chief Executive Officer, but will continue to serve as Chief Financial Officer of the Corporation.

Lastly, the Corporation announces th e grant of 250,000 stock options to a director of the

Corporation, with each such option being exercisable into one common share of the Corporation

at a price of $0.10 for a period of five (5) years.

Carl Verley, B.Sc., P.Geo., a Director of the Corporation has approved the technical information

in this release.

For additional corporate and YGP property information please see the Corporation 's website:

www.troyenergycorp.com.

Forward Looking Statements

Except for statements of historical fact relating to the Corporation, certain information

contained herein constitutes forward-looking statements. Forward-looking statements are based

on the opinions and estimates of management at the date the statements are made, and are

subject to a variety of risks and uncertainties and other factors that could cause actual events or

results to differ materially from those projected in the forward -looking statements. The

Corporation undertakes no obligation to update forw ard-looking statements if circumstances or

management's estimates or opinions should change. The reader is cautioned not to place undue

reliance on forward-looking statements.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Richard Wingate

President and Chief Executive Officer,

Phone: (306) 229-5029

James Owen, Troy Energy Corp.

Chief Financial Officer

Phone: (250) 465-1806

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined

in the policies of the TSX Venture Exchange) a ccepts responsibility for the adequacy or

accuracy of the release.