Alexander Energy Ltd. Announces Closing of Final Tranche of the Recapitalization Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS.


Alexander Energy Ltd. (TSX VENTURE:ALX) ("Alexander" or the "Corporation") is
pleased to announce that it has closed the second and final tranche of its
previously announced non-brokered private placement (the "Private Placement") in
connection with the recapitalization of the Corporation.


Under this final tranche of the Private Placement, Alexander issued an aggregate
of 15,151,668 units ("Units") at a price of $0.15 per Unit and an aggregate of
41,779,816 common shares of Alexander ("Common Shares") at a price of $0.15 per
Common Share to individuals identified by management of Alexander for aggregate
gross proceeds of approximately $8.6 million. Each Unit is comprised of one
Common Share and one Common Share purchase warrant (a "Warrant"). Each Warrant
will entitle the holder to purchase one Common Share at a price of $0.20 for a
period of five years. The Warrants will vest and become exercisable as to
one-third upon the 20-day weighted average trading price of the Common Shares
(the "Market Price") equaling or exceeding $0.30, an additional one-third upon
the Market Price equaling or exceeding $0.40 and a final one-third upon the
Market Price equaling or exceeding $0.50. In connection with the
recapitalization of the Corporation, Alexander has issued a total of 134,886,851
Units and 41,779,816 Common Shares for total gross proceeds of approximately
$26.5 million. 


About Alexander

Alexander Energy Ltd. is a Calgary, Alberta based company engaged in the oil and
gas exploration and development industry. The Corporation's Common Shares are
listed on the TSX Venture Exchange under the trading symbol "ALX". Alexander
currently has 248,564,811 Common Shares and 134,886,851 Warrants outstanding.


Cautionary Statements

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.


This press release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities described herein. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act"), or any state securities laws and may not
be offered or sold within the United States or to United States Persons unless
registered under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Alexander Energy Ltd.
Richard (Rick) McHardy
President and Chief Executive Officer


Alexander Energy Ltd.
Michelle Wiggins
Vice President, Finance and Chief Financial Officer


Suite 1540 Eau Claire Place II
521 - 3rd Avenue S.W.
Calgary, Alberta T2P 3T3
403.457.4006
403.457.4028 (FAX)