Azabache Energy Inc.
TSX VENTURE : AZA

Azabache Energy Inc.

December 13, 2011 18:44 ET

Azabache Announces Granting of Stock Options

CALGARY, ALBERTA--(Marketwire - Dec. 13, 2011) -

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

Azabache Energy Inc. ("Azabache" or the "Company") (TSX VENTURE:AZA) announces that pursuant to the terms of its stock option plan, its Board of Directors has approved the granting of options to purchase an aggregate of 2,650,000 common shares at a price of $0.68 per share to certain of its directors, officers, employees and consultants. After the grant, the Company will have 5,337,670 options available.

Of the options, 450,000 will have time vesting provisions with one-third vesting on the first, second and third anniversaries of the date of grant subject to the recipients meeting agreed upon job performance criteria. The remaining 2,200,000 options will vest December 9, 2014 subject to performance vesting criteria based on the trading prices of a group of ten peers. The options will have a term of five years.

For further information on Azabache please visit the Company's website at www.azaenergy.com.

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 state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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