Exall Energy Corporation Announces Exercise and Closing of Over-Allotment Option

Exall Energy Corporation (TSX:EE) (“Exall Energy”, or the “Company”) is pleased to announce the full exercise and closing of the over-allotment option (the “Over-Allotment Option”) granted by the Company to a syndicate of underwriters co-led by Stonecap Securities Inc. and Emerging Equities Inc., and including Acumen Capital Finance Partners Limited, Dundee Securities Ltd. and Raymond James Ltd. (collectively, the “Underwriters”) whereby an additional $3.0 million aggregate principal amount of 7.75% convertible unsecured subordinated debentures (the “Convertible Debentures”) have been issued at a price of $1,000 per Convertible Debenture on the same terms and conditions as the Offering (as hereinafter defined). The Over-Allotment Option was granted to the Underwriters in connection with the Company’s public offering of $20.0 million principal amount of Convertible Debentures (the “Offering”) which closed on March 29, 2012. The aggregate gross proceeds received by the Company pursuant to the Offering and the Over-Allotment Option is $23.0 million.

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