Solara Exploration Ltd.
TSX VENTURE : SAA.A

Solara Exploration Ltd.

December 05, 2011 17:13 ET

Solara Exploration Completes Private Placement

CALGARY, ALBERTA--(Marketwire - Dec. 5, 2011) - Solara Exploration Ltd. (TSX VENTURE:SAA.A) ("Solara" or the "Company") is pleased to announce that it has completed the final closing of its private placement announced November 15, 2011 (the "Private Placement"). The Private Placement resulted in the Company raising aggregate proceeds of $408,000. The Company previously announced the initial closing of the Private Placement for proceeds of $396,000. In aggregate, 1,360,000 Flow-Through Class A Shares were issued. 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 fund the Company's active drilling program in the Buck lake (Pembina) Cardium horizontal oil project in west central 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.

79,260,732 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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