MEN

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


MAGNUM ENERGY INC. (the "Company") (TSX VENTURE:MEN) is pleased to announce
that, subject to the approval of the TSX Venture Exchange, it plans to offer
through a non-brokered private placement (the "Private Placement") up to
5,000,000 flow-through Class A Voting common shares ("shares") at a price of
$0.20 per share for gross proceeds of up to $1,000,000. The closing of the
Private Placement is expected to be on or about December 16, 2011. 


Proceeds from the Private Placement will be used for the drilling and completion
of a horizontal Viking Oil well and up to three re-completions in the Provost
Viking Oil property. 


The Company may, in its sole discretion but subject to the policies of the TSX
Venture Exchange, pay a finder's fee to eligible parties, consisting of (i) a
cash fee in an amount of up to 7.0% of the proceeds raised by the eligible party
as part of this offering of shares, and (ii) a number of finder's warrants,
entitling the holder thereof to purchase, at a price of $0.20 per share for a
period of 12 months from the date of issuance, that number of shares that is
equal to 7.0% of the number of shares placed through the eligible party as part
of this offering.


The shares and warrants issued pursuant to the Private Placement will be subject
to a four month hold period.


This press release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities in any
jurisdiction in which such offer, solicitation or sale would be unlawful. 


About Magnum Energy Inc.

Magnum Energy is a junior oil and gas producer with operations located in the
Western Canadian Sedimentary Basin. The Company produces from Viking oil
operations in Alberta, gas operations in Alberta and maintains 100% ownership of
the Sedalia gas facility in East-Central Alberta. 


ON BEHALF OF THE COMPANY

Richard Nemeth, President & CEO

Readers are cautioned that this news release contains forward looking
information concerning the timing and completion of the Private Placement. There
is a risk that the Private Placement will not be completed in the proposed time
frame or at all. Readers are cautioned not to place undue reliance on
forward-looking information, as no assurances can be given as to the completion
of the Private Placement or other matters addressed in this news release.

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