Solara Exploration Ltd.
TSX VENTURE : SAA.A

Solara Exploration Ltd.

December 20, 2011 11:58 ET

Solara Exploration Announces Financing

CALGARY, ALBERTA--(Marketwire - Dec. 20, 2011) - Solara Exploration Ltd. ("Solara" or the "Company") (TSX VENTURE:SAA.A) is pleased to advise that the Company has completed the first of two closings of a private placement which raised aggregate proceeds of $650,000 through the issuance of 3,250,000 Flow-Through Class A Shares at $0.20 per share (the "Private Placement"). All securities issued pursuant to the Private Placement will be subject to a four (4) month hold in accordance with the applicable securities regulations. The proceeds of the financing will be used to fund the Company's active drilling program in the Buck lake (Pembina) Cardium horizontal oil project in west central Alberta.

The Company also advises that it has scheduled the fracing (stimulation) of its most recently drilled Cardium horizontal well located at 9-22-46-6 W5M in the Buck Lake area of Alberta for the last week of December. Solara will report on the stimulation and testing operations of the 9-22 well once these activities have been completed.

About Solara Exploration

Solara focuses on the exploration, development and production of oil and gas properties within its core areas in the Buck Lake (Pembina) area 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 www.solaraexploration.com.

82,570,732 Class A Shares

READER ADVISORY: 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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