Traverse Energy Ltd. Closes Private Placement Financing

CALGARY, ALBERTA--(Marketwired - Oct. 29, 2015) - Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) is pleased to announce that it has successfully closed its previously announced non-brokered private placement (the "Private Placement") of common shares of the Corporation ("Shares") issued on a "flow through" basis eligible for the renunciation of Canadian development expenses within the meaning of the Income Tax Act (Canada). The Corporation issued 1,168,000 Shares for gross proceeds of $700,800. The Shares issued are subject to a hold period under applicable securities laws until March 1, 2016.

The Corporation paid an aggregate finder's fee of $15,000 to four registered brokers in consideration for placing an aggregate of 500,000 Shares under the Private Placement. Insiders of the Corporation participated in the Private Placement and purchased an aggregate of 454,667 Shares or 39% of the Private Placement.

The Corporation intends to use the proceeds from the Private Placement to fund a portion of its drilling and completion activities in the province of Alberta.

About the Corporation

The Corporation is a junior oil and natural gas exploration and production company in Alberta. The Shares of the Corporation currently are listed on the TSX Venture Exchange under the trading symbol "TVL". There are currently 71,948,269 Shares issued and outstanding.

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 the use of proceeds from the Private Placement. Material assumptions and factors that could cause actual results to differ materially from such forward-looking information include adverse weather conditions and the inability to contract services to complete the intended drilling and completion activities. Although the Corporation 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. The Corporation 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.