Brookfield Special Situations Partners Ltd. Early Warning Press Release

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

CALGARY, Nov. 21, 2011 /CNW/ - Brookfield Special Situations Partners Ltd.  ("Brookfield") announced it has acquired, to date, 16,321,641 common shares (the "Common Shares") of Insignia Energy Ltd. (the "Corporation") following the exercise of its basic subscription right in connection with the Corporation's previously announced rights offering (the "Rights Offering"), which was completed by way of a prospectus dated October 13, 2011. Of these Common Shares, 206,857 were acquired by an affiliate of Brookfield which makes investment and voting decisions independently of Brookfield.  Brookfield also subscribed for additional Common Shares pursuant to the additional subscription privilege granted to all holders of rights under the terms of the Rights Offering.  The total number of additional Common Shares acquired pursuant to the additional subscription privilege is not presently known to Brookfield as a portion of these shares are held through CDS, although Brookfield has confirmed that additional Common Shares have been issued to and will be received by Brookfield.  Based on Brookfield's registered position, Brookfield has acquired an additional 2,701,848 Common Shares.

With the acquisition of Common Shares described above, Brookfield currently holds at least 36,705,178 Common Shares representing approximately 62.3% of the Common Shares which the Corporation has indicated are issued and outstanding, excluding any additional Common Shares that will be received by Brookfield in connection with the exercise of the additional subscription privilege through CDS.  Of these Common Shares, 430,951 are owned by an affiliate of Brookfield which makes investment and voting decisions independently of Brookfield.  Once Brookfield learns the number of Common Shares it has acquired in connection with the exercise of the additional subscription privilege through CDS, Brookfield will issue an additional early warning press release and early warning report if required.

Brookfield has acquired the Common Shares for investment purposes only.  Brookfield intends to review on a continuous basis, various factors related to its investment, including but not limited to, the price and availability of the securities of the Corporation, subsequent developments affecting the Corporation or its business, and general market and economic conditions.  Based upon these and other factors, Brookfield may decide to purchase additional securities of the Corporation or may decide in the future to sell all or part of its investment.

About Brookfield Special Situations Partners

Brookfield Special Situations Partners ("BSS") was established by Brookfield Asset Management Inc.  ("Brookfield") to provide long-term capital and strategic assistance to mid-market companies based in North America.  BSS seeks investment opportunities in industries in which Brookfield has significant operating expertise or a competitive advantage, including in the industrial products, building materials, metals and mining, homebuilding, forest products, oil and gas and manufacturing sectors.  The BSS team operates out of offices in Toronto, New York, Calgary, Vancouver and Montreal.

NOTE: The statements in this press release concerning Brookfield's future intentions regarding Brookfield's investment in Insignia Energy Ltd.'s Common Shares may contain forward-looking information and other "forward looking statements", within the meaning of certain securities laws, including Section 27A of the Securities Act of 1933, as amended, Section 21 E of the Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations.  Forward looking statements are identified by words such as, but not limited to, "could", "may", and "will". Readers are cautioned that actual results may vary from the forward-looking information contained herein. We may make such statements in this release, in other filings with Canadian regulators or the SEC or in other communications. The reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors.

SOURCE Brookfield Special Situations Partners Ltd.

For further information:

or for a copy of the early warning report filed in respect of the above transaction, please contact:

Jim Reid
Brookfield Special Situations Partners Ltd.
Suite 1700, 335-8th Avenue SW
Calgary Alberta T2P 1C9
tel:  (403) 770-7215
Email: jreid@brookfield.com

Profil de l'entreprise

Brookfield Special Situations Partners Ltd.

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