Azabache Energy Inc.
TSX VENTURE : AZA

Azabache Energy Inc.

February 27, 2014 12:07 ET

Azabache Announces Release of Securities from Escrow

CALGARY, ALBERTA--(Marketwired - Feb. 27, 2014) -

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

Azabache Energy Inc. (TSX VENTURE:AZA) ("Azabache" or the "Company") Further to the Company's press releases dated December 23, 2013 and December 24, 2013 in connection with the Company's previously announced non-brokered private placement (the "Private Placement") of units of the Company (the "Units"), the Company wishes to advise of the release of 4,088,461 Units from escrow as a result of the satisfactory completion by the TSX Venture Exchange (the "Exchange") of its searches regarding the personal information form of the purchaser who has become an insider of the Company as a result of holding greater than 10% of the issued and outstanding common shares in the capital of the Company (the "Common Shares"). The Company wishes to advise that it has sold an aggregate of 30,556,140 Units under the Private Placement for aggregate gross proceeds of $3,972,298.20. Each Unit consists of one Common Share and one-half Common Share purchase warrant of the Company (each whole, a "Warrant"), with each whole Warrant entitling the holder to purchase one Common Share at a price of $0.18 per share for 24 months from the date of issue. In connection with the Private Placement, the Company paid finder's fees to eligible persons in accordance with applicable securities laws, consisting of an aggregate of $88,190.91 in cash.

The net proceeds of the Private Placement will be used to fund the Company's Vaca Muerta Project, as well as for general working capital and corporate purposes.

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

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.

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.

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