Texalta Petroleum Ltd.

Texalta Petroleum Ltd.

December 01, 2010 14:05 ET

Texalta Announces A New Insider Pursuant to Private Placement

CALGARY, ALBERTA--(Marketwire - Dec. 1, 2010) - Texalta Petroleum Ltd. ("Texalta" or the "Corporation") (TSX VENTURE:TEX.A) Further to Texalta's press release issued November 23, 2010 announcing the closing of its non-brokered private placement (the "Private Placement") of 3,000,000 units ("Units") at a price of $0.70 per Unit for gross proceeds of $2,100,000, this is to announce that the subscriber under the Private Placement, Epic Capital Management Inc., a portfolio manager based in Toronto, Ontario, has become an Insider of Texalta and will hold 4,300,000 Common Shares of the Corporation, representing 11.12% of the issued and outstanding Common Shares of the Corporation. In accordance with the policies of the TSX Venture Exchange, the price for the Private Placement was reserved by filing Form 4A with the TSX Venture Exchange on October 28, 2010.

TEX.A is a Calgary based company engaged in the exploration, acquisition and development of prospective oil & gas properties in Saskatchewan and Alberta, Canada. The company's wholly owned subsidiary, Texalta Australia Pty. Ltd. holds a 50 percent working interest in two exploration permits covering in excess of 5.5 million acres of prospective land in the Georgina Basin, Northern Territory, Australia.

Neither 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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