DeeThree Announces Brazeau Belly River Resource Evaluation

CALGARY, ALBERTA--(Marketwired - Aug. 14, 2013) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

DEETHREE EXPLORATION LTD. ("DeeThree" or the "Company") (TSX:DTX)(OTCQX:DTHRF) is pleased to announce the results of a resource evaluation on and limited to DeeThree's Belly River assets located in the Brazeau area of Alberta as of July 31, 2013. The resource evaluation was prepared by Sproule Associates Limited, the Company's independent reserve engineering firm. The evaluation was undertaken to quantify the future reserve potential of these assets.

Highlights of the evaluation include:

		-	Discovered oil in place of 880 MMbbl with a best estimate of the recoverable contingent oil resource of 88 MMbbl, with 67 MMbbl remaining after deducting the reserves produced and booked to July 31, 2013.
		-	Undiscovered oil in place of 468 MMbbl with a best estimate of recoverable prospective oil resource of 47 MMbbl.
		-	Best estimate of recoverable contingent (discovered) petroleum and natural gas resources of 135 MMboe comprised of 88 MMbbl of oil, 195 Bcf of natural gas and 14 MMbbl of NGLs, with 107 MMboe remaining after deducting the reserves produced and booked to July 31, 2013.
		-	Best estimate of recoverable prospective (undiscovered) petroleum and natural gas resources of 78 Mboe comprised of 47 MMbbl of oil, 131 Bcf of natural gas and 9 MMbbl of NGLs.

RESOURCE INFORMATION

The following table summarizes the results of the oil resource evaluation (excluding NGLs and natural gas) of DeeThree's Brazeau Belly River assets as of July 31, 2013.

DISCOVERED OIL			Proved (1P)	Proved plus Probable (2P)	Proved, Probable plus Possible (3P)
			(Mbbl)	(Mbbl)	(Mbbl)
Production to July 31, 2013			15,697	15,697	15,697
Reserves			3,453	5,044	5,044
		Working Interest	C1	C2	C3
Oil Initially In Place ("OIIP") - Gross			994,350	994,350	994,350
OIIP - Co. share		88.5%	879,979	879,979	879,979
	recovery factor		5%	10%	15%
Contingent Oil Resources - Co. share			43,999	87,998	131,997
Remaining Contingent Oil Resources as of July 31, 2013 - Co. share			24,849	67,257	111,256
UNDISCOVERED OIL			Low Estimate	Best Estimate	High Estimate
OIIP - Gross			506,364	506,364	506,364
OIIP - Co. share		92.4%	467,891	467,891	467,891
	recovery factor		5%	10%	15%
Prospective Oil Resources - Co. share			23,395	46,789	70,184

The following table summarizes the results of the petroleum and natural gas resource evaluation of DeeThree's Brazeau Belly River assets as of July 31, 2013.

DISCOVERED PETROLEUM AND NATURAL GAS			Proved (1P)	Proved plus Probable (2P)	Proved, Probable plus Possible (3P)
			(Mboe)	(Mboe)	(Mboe)
Production to July 31, 2013			20,687	20,687	20,687
Reserves			4,997	7,063	7,063
			C1	C2	C3
	recovery factor		5%	10%	15%
Contingent Petroleum and Natural Gas Resources - - Co. share			63,377	134,755	202,132
Remaining Contingent Petroleum and Natural Gas Resources as of July 31, 2013 - Co. share			41,693	107,005	174,982
UNDISCOVERED PETROLEUM AND NATURAL GAS			Low Estimate	Best Estimate	High Estimate
	recovery factor		5%	10%	15%
Prospective Petroleum and Natural Gas Resources - Co. share			39,070	78,140	117,211

Notes to above tables:
1)	Contingent resources have an associated chance of development (economic, regulatory, market and facility, corporate commitment or political risks). There is no certainty that any portion of the contingent resources will be developed nor whether it will be commercially viable to produce any portion of the resources.
2)	Prospective resources have both an associated chance of discovery (geological chance of success) and a chance of development. There is no certainty that any portion of the prospective resources will be discovered and developed nor whether it will be commercially viable to produce any portion of the resources.
3)	Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.
4)	The Reserves are technical volumes and include produced petroleum and natural gas volumes and remaining petroleum and natural gas reserves as reported in the July 31, 2013 reserve report. Note the 3P reserves were not included in the December 31, 2012 reserve report and were estimated for the purposes of the resource report to be the same as 2P.
5)	The resource estimates may differ materially upon consideration of discovery and development risk and consideration of economics and financing.

The resource evaluation was undertaken in respect of all lands held by DeeThree in the Brazeau, Alberta area as of July 31, 2013 and including the 34 sections in which DeeThree may earn an interest in pursuant to its farm-in agreement with a senior oil and gas producer. Please refer to DeeThree's news release of December 20, 2012 for additional information regarding the farm-in agreement and the associated lands.

The reserves evaluation and resource evaluation were conducted by Sproule with reference to National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI 51-101") relying on the Canadian Oil and Gas Evaluation Handbook ("COGEH") reserves definitions.

Reader Advisory

Forward-Looking Statements. Certain statements contained in this press release may constitute forward-looking statements. These statements relate to the reserves and resources attributable to certain of DeeThree's properties. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. DeeThree believes that the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this news release should not be unduly relied upon by investors. These statements speak only as of the date of this news release and are expressly qualified, in their entirety, by this cautionary statement.

In particular, this news release contains forward-looking statements, pertaining to the following: projections of the quantity of petroleum and natural gas reserves and resources, market prices and costs, oil and natural gas production levels, capital expenditure programs, treatment under governmental regulatory and taxation regimes, expectations regarding DeeThree's ability to raise capital and to continually add to reserves through development.

With respect to forward-looking statements contained in this news release, DeeThree has made assumptions regarding, among other things: the legislative and regulatory environments of the jurisdictions where DeeThree carries on business or has operations, the impact of increasing competition, and DeeThree's ability to obtain additional financing on satisfactory terms.

DeeThree's actual results could differ materially from those anticipated in these forward-looking statements as a result of risk factors that may include, but are not limited to: uncertainties associated with estimating petroleum and natural gas reserves and resources; geological, technical, drilling and processing problems; liabilities and risks, including environmental liabilities and risks, inherent in petroleum and natural gas operations; volatility in the market prices for petroleum and natural gas, uncertainties associated with DeeThree's ability to obtain additional financing on satisfactory terms; competition for, among other things, capital and skilled personnel. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect DeeThree's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).

This forward-looking information represents DeeThree's views as of the date of this document and such information should not be relied upon as representing its views as of any date subsequent to the date of this document. DeeThree has attempted to identify important factors that could cause actual results, performance or achievements to vary from those current expectations or estimates expressed or implied by the forward-looking information. However, there may be other factors that cause results, performance or achievements not to be as expected or estimated and that could cause actual results, performance or achievements to differ materially from current expectations. There can be no assurance that forward-looking information will prove to be accurate, as results and future events could differ materially from those expected or estimated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements.

Information Regarding Disclosure on Oil and Gas Reserves. The reserves data set forth above is based upon an independent resource assessment prepared by Sproule with an effective date of December 31, 2012 (the "Sproule Report"). The news release summarizes the Company's crude oil, natural gas liquids and natural gas reserves based on the Sproule Report. The Sproule Report has been prepared in accordance with the standards contained in the COGEH and the reserve definitions contained in NI 51-101. The resource, recovery and reserve estimates of our crude oil, natural gas liquids and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves and resources will be recovered. Actual crude oil, natural gas and natural gas liquids reserves and resources may be greater than or less than the estimates provided herein. The reserves data provided in this release only represents a summary of the disclosure required under NI 51-101.

Information Regarding Disclosure on Oil and Gas Resources. Unless otherwise specified, all resource volumes in this news release (and all information derived there from) are based on "company gross volumes" (or working interest), before deductions of Crown and other royalties, using forecast prices and costs. The resource evaluation was prepared in accordance with the resource and reserves definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (COGEH) and was conducted by a qualified reserves evaluator (Sproule). This news release contains references to estimates of oil classified as contingent (part of discovered oil initially in place) and prospective (part of undiscovered oil initially in place) and corresponding classifications regarding petroleum and natural gas. These classifications are not, and should not be confused with petroleum and gas reserves. "Discovered Oil Initially In Place" ("DOIIP") is defined in the Canadian Oil and Gas Evaluation Handbook (the "COGE Handbook") as the quality of hydrocarbons that are estimated to be in place within a known accumulation prior to production. DOIIP is divided into recoverable and unrecoverable portions, with the estimated future recoverable portion classified as reserves and contingent resources and the remainder as at evaluation date is by definition classified as unrecoverable. There is no certainty that it will be economically viable to produce any portion of the contingent resources. "Undiscovered Oil Initially In Place" ("UOIIP") are those quantities of hydrocarbons that are estimated, on a given date, to be contained in accumulations yet to be discovered. The recoverable portion of UOIIP is referred to as prospective resources, the remainder is unrecoverable. Undiscovered resources carry discovery risk. There is no certainty that any portion of these prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable to product any portion of the prospective resources. DeeThree's belief that it will establish significant additional reserves over time in the discussion of the results of the resource evaluation is a forward looking statement and is based on certain assumptions and is subject to certain risks, as discussed above under the heading "Forward-Looking Statements".

BOE Presentation. References herein to "boe" mean barrels of oil equivalent derived by converting gas to oil in the ratio of six thousand cubic feet (Mcf) of gas to one barrel (bbl) of oil. Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

We seek Safe Harbor.