Sahara Energy Ltd.
TSX VENTURE : SAH

Sahara Energy Ltd.

February 10, 2012 16:43 ET

Sahara Energy Ltd. Announces Completion of Financing

CALGARY, ALBERTA--(Marketwire - Feb. 10, 2012) - Sahara Energy Ltd. (TSX VENTURE:SAH) ("Sahara") announces that it has closed its previously-announced financing for gross proceeds of $350,000 by issuing common shares at $0.07 per share. The shares issued under the private placement are subject to a hold period under applicable securities laws of 4 months which will expire on June 11, 2012.

The proceeds of the financing are expected to be used for drilling and for the acquisition of lands.

Sahara is also pleased to announce the appointment of Kingston Kwek of Singapore as a director of Sahara. Mr. Kwek has been a private investor in the equity and debt markets for over 10 years turned venture capitalist, and has worked for a number of government-linked organizations, NGOs, and for-profit corporations. He has experience in investment management, primarily in Asian markets. He holds a BS degree in business, concentrating in finance, from the Wharton School at UPenn, and an MA degree from Columbia University.

Also effective today, Mr. Yuedong Zhou has resigned as a director. Sahara thanks Mr. Zhou for his contributions to Sahara.

Forward Looking Information: This news release contains forward looking statements related to the proposed use of the proceeds of the financing. These statements are based on current expectations that involve a number of risks and uncertainties which could cause actual results to differ from those anticipated.

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

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