Solana Resources Limited ("Solana" or the "Company") - $100 Million Credit Facility Agreement



    CALGARY and LONDON, Dec. 21 /CNW/ - Solana Resources Limited (TSX-V: SOR;
AIM: SORL) is pleased to announce that the Company, through its wholly owned
subsidiary, Solana Petroleum Exploration (Colombia) Limited, has secured a
USD$100 million senior first lien three year revolving secured credit facility
with BNP Paribas Bank. The initial amount available for drawdown under the
facility is USD$26 million and amounts drawn down bear an interest rate that
varies with the Company's net production ranging from 2.375% to 3.125% over
LIBOR. The facility is secured against the Company's Colombian oil and gas
reserves and the amount available for drawdown will be adjusted pursuant to
semi-annual reserve reports. Proceeds from the credit facility will be used to
fund the Company's ongoing exploration and development projects. The Company
has no immediate plans to draw on the facility following the CDN$60 million
gross financing the Company closed on November 26, 2007.

    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.

    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 Limited, 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, +44 20 7710
7400; Marc Cramsie, MarcCramsie@nabarro-wells.co.uk; 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

Organization Profile

SOLANA RESOURCES LIMITED

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