Sahara Energy Ltd.

Sahara Energy Ltd.

February 08, 2012 17:50 ET

Sahara Energy Ltd. Announces Proposed Financing and Changes in Directors

CALGARY, ALBERTA--(Marketwire - Feb. 8, 2012) - Sahara Energy Ltd. (TSX VENTURE:SAH) ("Sahara") announces that it intends to raise $350,000 by issuing common shares at $0.07 per share to Mr. Kingston Kwek. The proceeds of the financing are expected to be used for drilling and for the acquisition of lands.

Closing of the financing is expected to occur on February 10, 2012, subject to regulatory approvals. In conjunction with the financing, it is expected that Mr. Kwek will be appointed to the board of directors of Sahara.

Sahara is also pleased to announce the appointment of Douglas Wine as a director and Chairman of the board of directors effective immediately. Mr. Wine is a professional geologist with extensive experience in the oil and gas business in Alberta.

Forward Looking Information: This news release contains forward looking statements related to the proposed 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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