Solana announces closing of "bought deal" financing



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

    CALGARY and LONDON, Nov. 26 /CNW/ - Solana Resources Limited (TSX-V: SOR;
AIM: SORL), the Colombia focussed independent oil and gas exploration and
production company, announces today, that it has closed its previously
announced "bought deal" financing to a syndicate of underwriters led by
Tristone Capital Inc. and including Orion Securities Inc., Westwind Partners
Inc., and Toll Cross Securities Inc. (collectively, the "Underwriters"). The
Company issued and sold 24,330,000 common shares at a price of C$2.20 per
share for gross proceeds of C$53,526,000. Solana is also pleased to announce
that an over-allotment option granted to the Underwriters to purchase an
additional 2,970,000 common shares at C$2.20 per share has been fully
exercised. Total gross proceeds from the financing, including the
over-allotment option, are C$60,060,000.
    Application has been made to the London Stock Exchange for the common
shares to be admitted to trading on AIM and admission is expected to take
place on November 27, 2007. After giving effect to the financing, Solana has
123,176,792 common shares issued and outstanding.
    Solana intends to use the net proceeds of this financing to fund
exploration and development of its Colombian oil and gas assets and for
general corporate purposes.
    This news release shall not constitute an offer to sell or the
solicitation of any offer to buy the securities in any jurisdiction. The
common shares may be offered or sold in other eligible foreign jurisdictions
and to U.S. buyers on a private placement basis pursuant to an applicable
exemption from registration requirements in Rule 144-A or Regulation D of the
United States Securities Act of 1933, as amended.

    Forward Looking Statements

    Certain information regarding the Company, including management's
assessment of future plans and operations, may constitute forward-looking
statements under applicable securities law and necessarily involve risks
associated with oil and gas exploration, production, marketing and
transportation such as loss of market, volatility of prices, currency
fluctuations, imprecision of reserve estimates, mechanical problems, equipment
limitations, environmental risks, competition from other producers and ability
to access sufficient capital from internal and external sources; as a
consequence, actual results may differ materially from those anticipated.

    Solana Resources Limited

    Solana (www.solanaresources.com ) is an international resource company
engaged in the acquisition, exploration, development and production of oil and
natural gas. The Company's properties are located in Colombia, South America
and are held through its wholly owned subsidiary, Solana Petroleum Exploration
(Colombia) Limited. The company is headquartered in Calgary, Alberta Canada.
    Additional information (which does not form part of this announcement) is
available on the Company's website at www.solanaresources.com or the Sedar
website at www.sedar.com.

    NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENT OF THIS
    RELEASE. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE
    ADEQUACY OR ACCURACY OF THIS RELEASE





For further information:

For further information: Solana Resources: Scott Price,
jsp@solanaresources.com, (403) 770-1822; Ricardo Montes,
rmontes@solanacolombia.com, (403) 668-6604; Nabarro Wells & Co. Limited
(Nominated Adviser): Robert Lo, RobertLo@nabarro-wells.co.uk, Marc Cramsie,
MarcCramsie@nabarro-wells.co.uk, +44 20 7710 7400; Tristone Capital Limited
(UK Broker): Nick Morgan, nmorgan@tristonecapital.com, +44 207 355 5800;
Pelham Public Relations: Charles Vivian, charles.vivian@pelhampr.com, +44 207
743 6672; Philip Dennis, philip.dennis@pelhampr.com, +44 207 743 6363

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SOLANA RESOURCES LIMITED

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