Solara Exploration Ltd.

Solara Exploration Ltd.

November 15, 2011 14:11 ET

Solara Exploration Announces Financing and Completion of Three New Wells

CALGARY, ALBERTA--(Marketwire - Nov. 15, 2011) - Solara Exploration Ltd. ("Solara" or the "Company") (TSX VENTURE:SAA.A) announces that it has completed equipping and tie-in operations for the Company's first Leduc D3 oil and gas well located at 14-7-38-3 W5M in the Sylvan lake area. The well averaged approximately 67 bbls/d of light oil, 1,000 Mcf/d of natural gas and 100 bbls/d of natural gas liquids of gross production since November 7 to 12, 2011. Solara's 30% working interest share of the production is estimated at 100 BOE/D over the six day period.

The Company also reports that it is currently undertaking completion operations on a second Leduc D3 well located at 12-22-38-4 W5M in the Sylvan Lake area of Alberta where the Company has identified several prospective net pay zones based on its internal assessment of well logs and drilling samples. It will report on the results of these completion and testing operations once they have been concluded within the next several days.

In addition, Solara also advises that it has recently recovered all of the load (frac) fluid from its operated Cardium horizontal well located at 16-9-45-5 W5M and has equipped the well for oil and gas production. The Company is currently undertaking operations to recover frac sand which is interfering with the full productive capability of the Cardium horizontal well. Upon completion of these operations and obtaining reliable production history, Solara will report these results. The Company also anticipates commencing the drilling of new horizontal well to evaluate the Cardium oil and gas potential on a prospect located at 9-22-46-6 W5M in the Buck Lake area within the next two weeks. The Company will operate the drilling of the horizontal well to earn a 50% working interest in 480 acres of land, subject to a non-convertible gross overriding royalty.

Solara also announces that it is proceeding with a non-brokered private placement of up to 7,000,000 Flow-Through Class A Common Shares at $0.30 per share to raise aggregate proceeds of $2,100,000. The Flow-through Shares are being sold to fund the Company's active horizontal drilling program in the Buck Lake (Pembina) area of Alberta. The private placement is subject to the final approval of the TSX Venture Exchange.

About Solara Exploration

Solara Exploration focuses on the exploration, development and production of oil and gas properties within its core areas in the Buck Lake (Pembina) and Sylvan Lake areas and a heavy oil project in the Dewberry area of eastern Alberta. Solara is a publicly traded junior oil and gas company listed on the TSXV under the trading symbol SAA.A. More information is available on the Company's website at


BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

77,900,732 Class A Shares

Neither the 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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