Longview Oil Corp. Announces Exercise of Over-Allotment Option

CALGARY, ALBERTA--(Marketwire - April 28, 2011) -

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

Longview Oil Corp. ("Longview" or the "Corporation") (TSX:LNV) is pleased to announce that the over-allotment option granted to RBC Capital Markets, FirstEnergy Capital Corp., Scotia Capital Inc., BMO Capital Markets, National Bank Financial Inc., CIBC World Markets Inc. and Macquarie Capital Markets Canada Ltd. (the "Underwriters") pursuant to the Corporation's initial public offering has been exercised by the Underwriters in full and Longview has issued an additional 2,250,000 common shares at the offering price of $10.00 per common share for gross proceeds of $22,500,000.

The net proceeds received from the exercise of the over-allotment option were used to settle a promissory note payable to Advantage Oil & Gas Ltd. ("Advantage") representing partial consideration for the previously announced acquisition (the "Acquisition") of oil-weighted assets from Advantage. The gross proceeds of the initial public offering, including exercise of the over-allotment option, was $172.5 million.

Pursuant to the Acquisition, Advantage directly acquired ownership of an aggregate of 29,450,000 common shares at a deemed price of $10.00 per common share and currently holds 29,450,010 common shares, representing approximately 63.1% of the 46,700,010 total issued and outstanding common shares of Longview after exercise of the over-allotment option.

About Longview Oil Corp.

Longview was created to acquire certain oil-weighted assets of Advantage which are located in West Central Alberta, Southeast Saskatchewan and the Lloydminster area of Saskatchewan. Longview's business strategy is to provide shareholders with attractive long term returns that combine both growth and yield by exploiting its assets in a financially disciplined manner, acquiring additional long-life oil and gas assets of a similar nature and through the payment of a monthly dividend.

Residents of the United States

The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws and may not be offered or sold in the United States or to United States persons absent registration or any applicable exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. 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 these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.