Exile Resources Inc.

Exile Resources Inc.

August 13, 2008 17:10 ET

Exile Resources Inc. Completes Second Tranche of a Private Placement Financing

TORONTO, ONTARIO--(Marketwire - Aug. 13, 2008) -


Exile Resources Inc. (TSX VENTURE:ERI) is pleased to announce it has completed the second tranche of the previously announced non-brokered private placement offering (the "Offering") and has raised additional gross proceeds of $680,299.88 through the sale of 5,233,076 units ("Units") at $0.13 per Unit. The closing of the second tranche brings the total gross proceeds of the Offering to $3,630,319.55 through the issuance of 27,925,535 Units. Details of the first tranche of the Offering were disclosed in a news release dated July 29, 2008.

Each Unit consists of one common share of Exile and one half of one share purchase warrant. Each whole share purchase warrant entitles the holder to acquire one additional common share of Exile until July 29, 2010, at an exercise price of $0.26 per share; provided that if after January 29, 2009, the closing price of the common shares of Exile for any 20 consecutive trading days exceeds $0.40, Exile may accelerate the expiry date to 30 days following the date of mailing written notice of the accelerated expiry date to warrant holders.

The common shares and warrants issued pursuant to the second tranche of the Offering are subject to a hold period which expires on December 14, 2008. The private placement remains subject to the final approval of the TSX Venture Exchange.

The Company will pay a finder's fee of $22,500 to Canaccord Capital Corp. and a finder's fee of $31,803.19 to Clarion Finanz AG for their assistance with the Offering.

Net proceeds from the Offering will be used for engineering evaluation of the re-entry and testing programme for the existing well on Exile's Akepo Oilfield and for general corporate purposes. As the cost of re-entering and testing the well is anticipated to exceed the net proceeds of the Offering, Exile is continuing to actively explore other financing initiatives.

About Exile Resources Inc.

Exile Resources Inc. is an oil and gas exploration company advancing the development of the Akepo Oilfield in the shallow water Niger Delta, Nigeria. The Company is also pursuing additional oil and gas, exploration and development opportunities in Africa. Exile Resources Inc. has 63,754,191 issued and outstanding common shares. Please visit Exile Resource's web site for further information: www.exileresources.com.

To receive press releases from Exile, please email val@chfir.com and mention "Exile Resources" in the subject line.

Forward-Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Exile Resources Inc. including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information