Exile Resources Inc.
TSX VENTURE : ERI

Exile Resources Inc.

August 12, 2008 15:21 ET

Exile Resources Inc. Private Placement Financing Update

TORONTO, ONTARIO--(Marketwire - Aug. 12, 2008) -

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Exile Resources Inc. (TSX VENTURE:ERI) ("Exile") announced today that it will be increasing the total size of its non-brokered offering (the "Offering") previously announced on July 3, 2008 from 26,153,847 units ("Units") at $0.13 per Unit to a maximum of 27,925,535 Units for aggregate gross proceeds of $3,630,319.55. As announced, Exile closed the first tranche of the Offering on July 29, 2008, which raised gross proceeds of $2,950,019.67 from the sale of 22,692,459 Units. Each Unit is comprised of one common share of Exile and one half of one share purchase warrant as previously disclosed in the July 3, 2008 press release.

Exile anticipates that the second tranche of the Offering will close later this week. A Finder's fee of $22,500 will be paid to Canaccord Capital Corp. for their assistance with the Offering. The private placement remains subject to the final approval of the TSX Venture Exchange.

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 58,521,115 issued and outstanding common shares. Please visit Exile Resource's web site for further information: www.exileresources.com.

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.

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