Ptarmigan Energy Secures Offshore Rights in Western Newfoundland and Labrador

CALGARY, Nov. 18, 2011 /CNW/ - Ptarmigan Energy Inc. (Ptarmigan) has secured 100% working interest in two new parcels of land offshore Western Newfoundland. The Canada-Newfoundland and Labrador Offshore Petroleum Board has accepted Ptarmigan's bid of $1,501,000.00 for Parcel 1 and $501,000.00 for Parcel 2 in Area "B" - Western Newfoundland and Labrador Offshore Region. Parcel 1 consists of 218,468 hectares, and Parcel 2 consists of 135,520 hectares. The effective date will be January 2012 for a nine year period.

President and CEO Craig Boland says this reinforces Ptarmigan's commitment to offshore Newfoundland and Labrador. "We are excited about the industry opportunities that exist in the offshore, and with this investment we are committed to moving forward with the acquisition of a 1000 square kilometre 3D seismic program and the drilling an offshore well within the next two years on prospects already identified."

Ptarmigan currently holds EL 1120 on 140, 100 hectares north of the Port au Port Peninsula and south of the Bay of Islands. This latest acquisition increases their licence offshore Western Newfoundland to 494,088 hectares (1,220,000 acres). The parcels have nearby oil wells and strong hydrocarbon indications.

Leo Power, VP Business Development, and Chair of the Board of Directors says "Our vision is to be a leading and responsible industry player in facilitating the discovery and production of oil resources in Western Newfoundland. With this acquisition Ptarmigan is strengthening its ties to the province and is pleased to invest in such a highly accessible, industry friendly region."

About Ptarmigan Energy Inc. - Ptarmigan Energy Inc. is a private oil and gas company whose management and technical team are committed to exploring and successfully developing oil weighted projects in both the conventional and non-conventional (oil-in-shale) prospects defined within the offshore waters of the autochthonous and allochthonous sections of the Cambro-Ordovician platform of Western Newfoundland. For more information go to: www.ptarmiganenergy.com


SOURCE Ptarmigan Energy Inc.

For further information:

Craig Boland, President and CEO
1-403-861-8686

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Ptarmigan Energy Inc.

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