Alexander Energy Ltd. Announces Increase to 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 "Company") (TSX VENTURE:ALX) is
pleased to announce that it has increased its previously announced bought deal
financing agreement detailed in its press release issued earlier this morning
with a syndicate of underwriters co-led by Peters & Co. Limited and Clarus
Securities Inc., and including GMP Securities Ltd., TD Securities Inc., Dundee
Securities Ltd., AltaCorp Capital Inc., Desjardins Securities Inc. and Scotia
Capital Inc. (collectively, the "Underwriters"), whereby the Company will now
issue 153,062,000 special warrants at a price of $0.49 per special warrant, for
aggregate gross proceeds of approximately $75.0 million (the "Brokered
Financing"). In all other respects the terms of the Brokered Financing, the
previously announced contemporaneous non-brokered financing and the use of
proceeds will remain as previously disclosed in the earlier press release.


The offering is scheduled to close on or about January 14, 2014, and is subject
to certain conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the TSX Venture Exchange.   


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 Company including, without limitation, concerning the
Acquisition, the Financings, the success of future drilling, development and
completion activities, the performance of existing wells, the performance of new
wells, the availability and performance of facilities and pipelines, the
geological characteristics of the Company's properties, the successful
application of drilling, completion and seismic technology, prevailing weather
conditions, commodity prices, royalty regimes and exchange rates, the
application of regulatory and licensing requirements and the availability of
capital, labour and services.


Although the Company 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 Company 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 Company's Annual Information Form which
has been filed on SEDAR and can be accessed at www.sedar.com and the Company'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 Company 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. Boe/d means barrel of oil equivalent per day.


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
403.265.6444
403.264.1348 (FAX)


Alexander Energy Ltd.
Michelle Wiggins
Vice President, Finance and Chief Financial Officer
403.265.6444
403.264.1348 (FAX)


Alexander Energy Ltd.
Suite 1540, 521 - 3rd Ave S.W.
Calgary, Alberta T2P 3T3