New Sage Energy Corp.

New Sage Energy Corp.

January 31, 2012 08:30 ET

New Sage Energy Extends Closing of Private Placement Financing

TORONTO, ONTARIO--(Marketwire - Jan. 31, 2012) - New Sage Energy Corp. ("New Sage" or the "Company") (TSX VENTURE:NSG) announced that it will extend the closing date of its previously announced (November 29, 2011 press release) private placement offering (the "Offering"). The Offering comprises of up to 12,000,000 units of the Corporation ("Unit") at a price of CDN $0.05 per Unit for gross proceeds of up to CDN $600,000. Each Unit will consist of one common share in the capital of the Corporation ("Common Share") and one share purchase warrant ("Warrant"), with each whole Warrant entitling the holder thereof to purchase one Common Share at a price of CDN $0.10 per share for a period of two (2) years from the date of closing.

In addition, the binding letter agreement (the "Letter Agreement") with Caribe Oil & Gas Ltd. ("Caribe") to pursue petroleum and natural gas opportunities exclusively in Argentina (announced in the news release issued on October 25, 2011) has expired. The Company is committed to pursuing natural gas and petroleum opportunities in Argentina and is also reviewing opportunities in other South American countries.

The Company also wishes to announce that Mr. Gregg Vernon has resigned from the Board of Directors to focus on new ventures. The Company would like to thank Mr. Vernon for his contributions and wish him well in his future endeavors.

About New Sage Energy Corp.

New Sage Energy Corp. is a Canadian exploration and development company focused on oil and gas opportunities in Latin America. Currently, the company is building a foundation of production through joint venture opportunities with established and experienced partners in Argentina.

Cautionary Note Regarding Forward-Looking Statements

Certain statements contained in this news release may constitute forward-looking information, (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may relate to this news release and other matters identified in Oremex' public filings, anticipated events or results and can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts and include, but are not limited in any manner to, those with respect to capital and operating expenditures, economic conditions, availability of sufficient financing, receipt of approvals, satisfaction of closing conditions and any and all other timing, development, operational, financial, economic, legal, regulatory and/or political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other public filings of Oremex, and include the ultimate availability and final receipt of required approvals, sufficient working capital for development and operations, access to adequate services and supplies, availability of markets for products, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and other sources of financing and associated cost of funds, availability of a qualified work force, availability of manufacturing equipment, no material changes to the tax and regulatory regime and the ultimate ability execute its business plan on economically favourable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Oremex filings at and other unforeseen events or circumstances. Other than as required by law, Oremex does not intend, and undertakes no obligation, to update any forward looking information to reflect, among other things, new information or future events.

Neither the TSX Venture nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.

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