Solara Exploration Ltd.
TSX VENTURE : SAA.A

Solara Exploration Ltd.

August 11, 2011 09:30 ET

Solara Exploration Completes Private Placement

CALGARY, ALBERTA--(Marketwire - Aug. 11, 2011) -

Solara Exploration Ltd. (TSX VENTURE:SAA.A) ("Solara" or the "Company") is pleased to announce that the Company closed a substantial portion of its previously announced private placement of Units (the "Private Placement") for aggregate proceeds of $1,167,000. The Company also anticipates the closing of the balance of the private placement in the next few days which will result in the Private Placement being fully subscribed. In the Private Placement, 2,917,500 Units were issued at a price of $0.40 per Unit with each Unit consisting of one Flow- Through Class A Share and one Warrant (the "Units"). Every two (2) Warrants together with $0.50 is exercisable into one Flow-Through Class A Share on or before December 31, 2011. All securities issued pursuant to the Private Placement are subject to a four (4) month hold in accordance with the applicable securities regulations. The proceeds of the financing will be used to partially fund the Company's active drilling program in the Buck lake (Pembina) Cardium horizontal oil project in west central Alberta and on the Company's Sylvan Lake Leduc D3 oil reef play in central Alberta.

The Company also announces that its Annual and Special Meeting of the Shareholders will be held at 10:00 a.m. (Calgary time) on September 9, 2011 in the Viking Room at the Calgary Petroleum Club, located at 319 – 5th Avenue SW, Calgary, Alberta.

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 two heavy oil projects in the Dewberry and Borradaile areas 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.

78,373,902 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.

Contact Information