Solara Exploration Ltd.
TSX VENTURE : SAA.A

Solara Exploration Ltd.

April 24, 2012 11:16 ET

Solara Exploration Updates Corporate Activities

CALGARY, ALBERTA--(Marketwire - April 24, 2012) - Solara Exploration Ltd. (TSX VENTURE:SAA.A) ("Solara" or the "Company") advises that it closed its previously announced flow-through private placement (the "Private Placement"). In the closing, the Company raised aggregate proceeds of $545,000 through the issuance of 5,450,000 Flow-Through Class A Shares at $0.10 per share. All securities issued pursuant to the Private Placement will be subject to a four (4) month hold in accordance with applicable securities regulations. The Company paid finder's fees of $13,600 cash to arm's length third parties in connection with the Private Placement.

Solara also reported that it has recently undertaken various optimization activities on its operated Dewberry Project located in eastern Alberta involving the completion of the Sparky oil zone in two wells and reactivation of three other wells by replacement of downhole equipment. As a result of these operations, the gross field oil production has increased from approximately 100 bbls/d up to 170 bbls/d. These initial production increases may not be indicative of longer-term, sustained production rates for the Dewberry Project.

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.

88,710,732 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.

Contact Information

  • Solara Exploration Ltd.
    Donald R. Holding
    President and Chief Executive Officer
    (403) 537-0458
    (403) 537-0462 (FAX)
    don_solaraexploration@shaw.ca

    Solara Exploration Ltd.
    1800, 444 - 5th Avenue S.W.
    Calgary, Alberta, Canada T2P 2T8
    (403) 537-0458
    (403) 537-0462 (FAX)
    www.solaraexploration.com