APIC Petroleum Corporation Announces Completion of A Private Placement of 16,000,000 Common Shares

TORONTO, ONTARIO--(Marketwire - Feb. 24, 2012) - APIC PETROLEUM CORPORATION (TSX VENTURE:API) (the "Company" or "APIC") announced today that it has completed a non-brokered private placement of 16,000,000 common shares (the "Common Shares") of the Company at a price of $0.20 per Common Share for gross proceeds of Cdn.$3,200,000 (the "Offering"). The Common Shares to be issued will carry a four-month hold period under Canadian securities laws from the date of issuance. Completion of the Offering is subject to approval of the TSX Venture Exchange.

The Company paid a fee equal to 5% of the gross proceeds to certain parties who introduced subscribers to the Offering.

As previously disclosed in the Company's January 31, 2012 press release, the proceeds from the Offering will be used to evaluate the Albanian state oil company, Albpetrol Sh. A's assets to enable the Company to assess its potential participation in the privatization process, to assess potential green energy projects in Albania as contemplated by the memorandum of understanding signed on January 12, 2012 with Green Power 2020 SAS, a development and engineering enterprise incorporated under the law of France, and for general corporate purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. All dollars in this release are in Canadian funds.

FORWARD-LOOKING STATEMENTS

This press release includes certain "forward-looking statements". All statements regarding the ability of the Company to successfully develop projects in Albania are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All statements that are not historical facts, including without limitation statements regarding future estimates, plans, objectives, assumptions or expectations of future performance, are "forward-looking statements". We caution you that such "forward looking statements" involve known and unknown risks and uncertainties that could cause actual results and future events to differ materially from those anticipated in such statements. Such risks and uncertainties include the inability of the Company to develop projects in Albania due to regulatory, competitive, due diligence or political issues and other risk factors as discussed in the Company's filings with Canadian securities regulatory agencies. The Company expressly disclaims any obligation to update any forward-looking statements except as may be required by law.