Spartan Oil Corp. Announces Completion of Previously Announced Financing

CALGARY, ALBERTA--(Marketwire - June 17, 2011) -

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Spartan Oil Corp. ("Spartan" or the "Company") (TSX:STO) is pleased to announce the completion of the previously announced private placement financing (the "Private Placement") of 7,382,550 common shares of Spartan ("Spartan Shares") at a price of $1.49 per Spartan Share, representing the net asset value per Spartan Share at the time of completion of the plan of arrangement involving the Company, Spartan Exploration Ltd. and Penn West Petroleum Ltd. (the "Arrangement"), for gross proceeds of $10,999,999.50. Proceeds from the Private Placement, along with the proceeds from the exercise of the Spartan Share purchase warrants ("Warrants") issued as part of the Arrangement, will be used to initially retire the $20.0 million debt assumed by Spartan as part of the Arrangement.

Spartan wishes to remind shareholders that the Company will accept instructions for the exercise of the outstanding Warrants issued as part of the Arrangement until July 4, 2011, due to the expiry date of the Warrants of July 1, 2011 being a statutory holiday in Canada.

Based in Calgary, Alberta, the Company is engaged in the business of acquiring crude oil and natural gas properties and exploring for, developing and producing oil and natural gas in western Canada. Spartan is uniquely positioned with a significant position in three leading oil resource plays in western Canada, being the Cardium light oil play in central Alberta, the Bakken light oil resource play in southeast Saskatchewan and the Shaunavon medium gravity oil resource play in southwest Saskatchewan.

READER ADVISORY

This news release is not for dissemination in the United States or to any United States new services. The common shares of Spartan have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.