Palliser Oil & Gas Closes Bought Deal Financing

CALGARY, Jan. 31, 2013 /CNW/ - Palliser Oil & Gas Corporation (TSXV: PXL) ("Palliser"), is pleased to announce that it has closed its previously announced short form prospectus offering on a "bought deal" basis of 5,000,000 common shares (the "Common Shares") of Palliser for aggregate gross proceeds of $3,150,000 (the "Offering"). The Offering was completed by a syndicate of underwriters led by Octagon Capital Corporation and including PI Financial Corp., Acumen Capital Finance Partners Limited and Paradigm Capital Inc.

About Palliser Oil & Gas Corporation

Palliser is a Calgary-based junior oil and gas company focused on high netback heavy oil production in the greater Lloydminster area of Alberta and Saskatchewan.

Neither the 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 press release.

SOURCE: Palliser Oil & Gas Corporation

For further information:

Palliser Oil & Gas Corporation
Kevin Gibson
CEO
(403) 209-5717
kevin@palliserogc.com

or

Allan B. Carswell
President & COO
(403) 209-5709
al@palliserogc.com

or

Ivan J. Condic
Vice President, Finance & CFO
(403) 209-5718
ivan@palliserogc.com