Alexander Energy Ltd. Announces Completion of Bought Deal Financing

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. ("Alexander" or the "Corporation") (TSX VENTURE:ALX) is
pleased to announce that it has successfully closed its previously announced
bought deal financing with a syndicate of underwriters co-led by Peters & Co.
Limited and Clarus Securities Inc., and including GMP Securities L.P., TD
Securities Inc., Dundee Securities Ltd., AltaCorp Capital Inc., Desjardins
Securities Inc. and Scotia Capital Inc. (collectively, the "Underwriters") of
153,062,000 special warrants ("Special Warrants") at a price of $0.49 per
Special Warrant for aggregate gross proceeds of approximately $75.0 million (the
"Brokered Financing"). The Corporation is also pleased to announce that it has
successfully closed its previously announced non-brokered private placement of
5,100,000 common shares in the capital of the Corporation ("Common Shares") to
certain directors, officers and employees of the Corporation, at a price of
$0.49 per Common Share for aggregate proceeds of approximately $2.5 million (the
"Non-brokered Financing" and, collectively with the Brokered Financing, the
"Financings").


The net proceeds of the Financings will be used to fund the Corporation's
ongoing exploration and development activities and for general corporate
purposes. 


Each Special Warrant entitles the holder thereof to receive, for no additional
consideration or action on the part of the holder, one Common Share on the
earlier of the date that is: (a) four months and a day following the closing of
the Brokered Financing, and (b) the day on which a receipt is issued for a final
prospectus by the securities regulatory authorities in each of the provinces
where the Special Warrants were sold (such provinces to exclude the Province of
Quebec) qualifying the distribution of the Common Shares issuable upon the
exercise of the Special Warrants; provided that if a receipt is not issued on or
before February 28, 2014, each Special Warrant will entitle the holder thereof
to receive, for no additional consideration or action on the part of the holder,
1.1 Common Shares. The Corporation shall use its reasonable commercial efforts
to obtain such receipt as soon as practicable. Until the receipt is issued for
such prospectus, the Special Warrants will be subject to a four month hold
period under applicable Canadian securities laws, which expires on May 15, 2014.
The Common Shares issued pursuant to the Non-brokered Financing are also subject
to a four month hold period under applicable Canadian securities laws, which
expires on May 14, 2014. 


Subscribers under the Financings are not entitled to participate in the
Corporation's previously announced rights offering.


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".


Forward-Looking and Cautionary Statements

This news release contains forward-looking information and forward-looking
statements within the meaning of applicable securities laws. The forward-looking
statements contained in this document are based on certain key expectations and
assumptions made by the Corporation including, without limitation, concerning
the Financings, the use of proceeds of the Financings, the filing of a
prospectus qualifying the distribution of the Common Shares issuable upon the
exercise of the Special Warrants and the deemed exercise of the Special
Warrants. 


Although the Corporation believes that the expectations and assumptions on which
the forward-looking statements are based are reasonable, undue reliance should
not be placed on the forward-looking statements because the Corporation can give
no assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very nature they
involve inherent risks and uncertainties. Actual results could differ materially
from those currently anticipated due to a number of factors and risks. These
include, but are not limited to, risks associated with the oil and gas industry
in general (e.g., operational risks in development, exploration and production;
delays or changes in plans with respect to exploration or development projects
or capital expenditures; the uncertainty of reserve estimates; the uncertainty
of estimates and projections relating to production, costs and expenses, and
health, safety and environmental risks), commodity price and exchange rate
fluctuations and uncertainties resulting from potential delays or changes in
plans with respect to exploration or development projects or capital
expenditures. Certain of these risks are set out in more detail in the
Corporation's Annual Information Form which has been filed on SEDAR and can be
accessed at www.sedar.com and the Corporation's other public disclosure
documents which have been filed on SEDAR and can be accessed at www.sedar.com. 


The forward-looking statements contained in this press release are made as of
the date hereof and the Corporation undertakes no obligation to update publicly
or revise any forward-looking statements or information, whether as a result of
new information, future events or otherwise, unless so required by applicable
securities laws. 


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. 


Neither 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 release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Alexander Energy Ltd.
Richard (Rick) McHardy
President and Chief Executive Officer
403.265.6444


Alexander Energy Ltd.
Michelle Wiggins
Vice President, Finance and Chief Financial Officer
403.265.6444
403.265.1348 (FAX)