TriOil Announces Increase to $15 Million Bought Deal Equity Financing

CALGARY, ALBERTA--(Marketwire - Nov. 10, 2011) -

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TriOil Resources Ltd. ("TriOil" or the "Company") (TSX VENTURE:TOL) announces that it has agreed with the underwriters for its bought-deal financing announced today to increase the size of the offering from 7,143,000 common shares to 10,850,000 common shares at a price of $2.10 per common share for gross proceeds of approximately $22.8 million. TriOil will use the net proceeds to expand and accelerate its Cardium light oil drilling program at Lochend, Alberta following the recently announced successful Cardium oil wells and expanded inventory of higher impact Cardium oil locations, as well as for general corporate purposes. All other terms of the financing, including the option granted to the underwriters to purchase an additional 1,071,450 common shares at the offering price within 30 days of closing and the anticipated closing date, remain unamended. If the option is exercised in full, the total gross proceeds of the offering to TriOil will be approximately $25 million.

The financing is being underwritten by a syndicate of underwriters led by GMP Securities L.P. and including Canaccord Genuity Corp., Haywood Securities Inc., and Dundee Securities Ltd.

TriOil Resources Ltd. is a Calgary, Alberta based company engaged in the exploration, development and production of petroleum and natural gas. TriOil has approximately 31.3 million common shares issued and outstanding (35.4 million fully diluted). The common shares of TriOil trade on the TSX Venture Exchange under the symbol TOL.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward Looking Statements

This document contains forward-looking statements. More particularly, this document contains statements which include, but are not limited to, the timing of closing of the offering, the anticipated use of proceeds and the receipt of the required regulatory and third party approvals.

The forward-looking statements are based on certain key expectations and assumptions made by TriOil. Although TriOil believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because TriOil can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release, the closing of the offering could be delayed if TriOil is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned and the offering will not be completed at all if these approvals are not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the offering will not be completed within the anticipated time or at all. The intended use of the net proceeds of the offering by TriOil might change if the board of directors of TriOil determines that it would be in the best interests of TriOil to deploy the proceeds for some other purpose.

The forward-looking statements contained in this press release are made as of the date hereof and TriOil undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.