TVL Traverse Energy Ltd

Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) is pleased to
announce that it has successfully closed its previously announced non-brokered
private placement (the "Private Placement") of common shares of the Corporation
("Shares") issued on a "flow through" basis within the meaning of the Income Tax
Act (Canada). The Corporation issued 2,800,000 Shares for total gross proceeds
of $1,820,000.


The Shares issued are subject to a hold period under applicable securities laws
until April 13, 2013.


The Corporation intends to use the proceeds from the Private Placement to fund a
portion of its exploration drilling activities in the province of Alberta.


Current insiders of the Corporation participated in the Private Placement and
purchased an aggregate of 356,200 Shares, or 12.7% of the Private Placement.


The Corporation paid an aggregate finder's fee of $62,158 to two registered
brokers in consideration for placing an aggregate of 1,593,800 Shares under the
Private Placement.


About the Corporation

The Corporation is a junior oil and natural gas exploration and production
company in Alberta. The common shares of the Corporation currently are listed on
the TSX Venture Exchange under the trading symbol "TVL". There are currently
47,087,911 Shares issued and outstanding.


Forward-Looking Information

This news release contains forward-looking information which is not comprised of
historical facts. Forward-looking information involves risks, uncertainties and
other factors that could cause actual events, results, performance, prospects
and opportunities to differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this news release
includes statements with respect to the use of proceeds from the Private
Placement. Material assumptions and factors that could cause actual results to
differ materially from such forward-looking information includes the failure to
obtain final approval from the TSX Venture Exchange. Although the Corporation
believes that the material assumptions and factors used in preparing the
forward-looking information in this news release are reasonable, undue reliance
should not be placed on such information, which only applies as of the date of
this news release, and no assurance can be given that such events will occur.
The Corporation disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information, future
events or otherwise, other than as required by law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Traverse Energy Ltd.
Laurie Smith
President and Chief Executive Officer
(403) 264-9223


Traverse Energy Ltd.
780, 839 - 5th Avenue S.W.
Calgary, Alberta T2P 3C8

Traverse Energy (TSXV:TVL)
Historical Stock Chart
From Jun 2024 to Jul 2024

Traverse Energy (TSXV:TVL)
Historical Stock Chart
From Jul 2023 to Jul 2024