Traverse Energy Ltd. Announces Bought Deal Financing

CALGARY, ALBERTA--(Marketwired - Feb. 18, 2014) -

NOT FOR DISTRIBUTION TO U.S NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Traverse Energy Ltd. ("Traverse") (TSX VENTURE:TVL) is pleased to announce that it has entered into an agreement with Acumen Capital Finance Partners Limited, pursuant to which Traverse has agreed to issue an aggregate of 12,500,000 common shares ("Common Shares") at a price of $0.80 per Common Share for total gross proceeds of approximately $10,000,000 (the "Offering"). In addition, Traverse has granted an over-allotment option to purchase additional Common Shares for additional gross proceeds of approximately $1,500,000 if the over-allotment option is exercised in full.

The Common Shares will be offered in all provinces of Canada (other than Quebec) by way of short form prospectus. The closing of the Offering is expected to occur on or about March 12, 2014, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSXV.

Traverse intends to use the proceeds from the Offering to expand its 2014 exploration and development program.

About the Corporation

Traverse is a junior oil and natural gas exploration and production company in Alberta. The common shares of the Corporation currently are listed on the TSX Venture Exchange under the trading symbol "TVL".

Forward-Looking Information

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward-looking information in this news release includes statements with respect to Traverse's intention to complete the Offering and the use of proceeds from the Offering. Material assumptions and factors that could cause actual results to differ materially from such forward-looking information includes the performance of the underwriter's and Traverse's obligations in relation to the Offering; the failure to obtain approval from the TSX Venture Exchange; and the determination by Traverse to use the proceeds for alternate purposes. Although Traverse believes that the material assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur. Traverse disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of the content of this release.