XE

Xemplar Energy Corp. (the "Company") (TSX
VENTURE:XE)(FRANKFURT:E7R)(NAMIBIA:XEM) announces that it has scheduled a
special meeting of shareholders (the "Meeting") after receiving a meeting
requisition (the "Requisition") by a shareholder, Fursa Master Global Event
Driven Fund LP ("Fursa"). The Company understands that Fursa is beneficially
owned or controlled, directly or indirectly, by William F. Harley, III, one of
the current directors of the Company. The Requisition calls for the removal of
Gerard A. Pallotta and Ron Mitchell as directors of the Company, two of the four
current Xemplar directors, an increase in the number of directors to five, and
the appointment of three new directors to be nominated by Fursa. The names of
the Fursa nominees have not been provided to the Company.


The Requisition was received by the Company on October 4, 2012, and in response
thereto the Board of Directors of the Company (the "Board") established a
special and independent committee (the "Special Committee") to oversee all
matters relating to the Requisition. The Special Committee consists of all
directors of the Company except Mr. Harley. On the advice of counsel, the
Special Committee determined that although the Requisition may not have
technically been in compliance with the requirements of the Business
Corporations Act (British Columbia) it was nevertheless prudent to recommend
that the Board call the Meeting.


The Meeting is scheduled to take place on February 4, 2013. The record date for
determining shareholders entitled to notice of the Meeting and to vote at the
Meeting will be December 6, 2012.


The Company considers it unfortunate that it will be required to sustain the
expense and disruption involved in holding a special meeting just a few months
before its regularly scheduled annual general meeting ("AGM"), which is due to
occur before the end of June 2013. This is especially true because the Board
took steps to address the situation by proposing to move up its AGM in order to
accommodate Fursa, which would have avoided the need to hold an extra meeting.
As always, the Board is committed to acting honestly and in good faith with a
view to the best interests of the Company and all of its stakeholders, which
means ensuring management remains focused on enhancing shareholder value through
the successful completion of the acquisition and further development of the Lobo
farm as well as the preservation and enhancements of the Company's other assets.


The Special Committee will retain a proxy solicitation firm to assist with
solicitation matters for the Meeting. Further information, as well as the text
of the Requisition, will be set out in a management information circular that
will be mailed to shareholders and posted to SEDAR and the Company's website in
due course.


On behalf of the Board of Directors of

XEMPLAR ENERGY CORP.

Ron Mitchell, Chairman and Director

Certain statements contained in this press release may include forward-looking
information with respect to the Company's operations and future financial
results. Such statements are based on current expectations, are subject to a
number of uncertainties and risks, and actual results may differ materially from
those contained in such statements. Further information can be found in the
disclosure documents filed by the Company at www.sedar.com.

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