Spartan Exploration Ltd. and Aztek Energy Ltd. Announce Closing of Previously Announced Bought Deal Financing

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Spartan Exploration Ltd. ("Spartan"), a private oil and gas company with
operations in Saskatchewan and Alberta, and Aztek Energy Ltd. ("Aztek") (TSX
VENTURE:AZT.H) are pleased to announce that Aztek has successfully completed the
previously announced bought deal private placement of subscription receipts of
Aztek ("Subscription Receipts") at a price of $0.17 per Subscription Receipt
(the "Offering"). The Offering was completed through a syndicate of underwriters
co-led by GMP Securities L.P. and Clarus Securities Inc., and including CIBC
World Markets Inc., Research Capital Corporation, Macquarie Capital Markets
Canada Ltd., FirstEnergy Capital Corp. and Captus Partners Ltd. Including the
option granted to the Underwriters, which was exercised in full, a total of
88,412,000 Subscription Receipts were issued for aggregate gross proceeds of
approximately $15.0 million.


As previously announced, Spartan and Aztek have entered into an arrangement
agreement (the "Arrangement Agreement") pursuant to which Spartan will acquire
all of the issued and outstanding common shares ("Aztek Shares") of Aztek on the
basis of 0.0805 of a common share of Spartan (a "Spartan Share") for each 1.0
Aztek Share by way of a plan of arrangement (the "Arrangement").


The gross proceeds of the Offering will be held in escrow pending the completion
of the Arrangement. If the Arrangement is completed and certain other conditions
are satisfied on or before February 1, 2010, the proceeds will be released to
Aztek (or as otherwise directed by Aztek). If the Arrangement is not completed
by February 1, 2010, the Arrangement Agreement is terminated at an earlier time
or it is otherwise determined that the Arrangement will not be completed,
holders of Subscription Receipts will receive a cash payment equal to the
aggregate subscription price of the Subscription Receipts and any interest that
was earned thereon during the term of the escrow.


Provided that the Arrangement is completed on or before February 1, 2010 and
certain other conditions have been satisfied, each Subscription Receipt will
entitle the holder thereof to receive, without the payment of any additional
consideration and without any further action on the part of the holder thereof,
one Aztek Share immediately prior to the effective time of the Arrangement,
which Aztek Shares shall be exchanged under the Arrangement for Spartan Shares
on the basis of 0.0805 of a Spartan Share for each Aztek Share.


The net proceeds of the Offering will be used by Spartan upon completion of the
Arrangement to fund ongoing exploration and development activities and for
general corporate purposes.


The Subscription Receipts and the Aztek Shares issuable upon exercise thereof
will be subject to a four month hold period under applicable Canadian securities
laws. The Spartan Shares issued in exchange for such Aztek Shares under the
Arrangement shall be, subject to certain restrictions under applicable Canadian
securities laws, freely tradable.


It is a condition to completion of the Arrangement that the Spartan Shares be
listed on the facilities of a recognized Canadian stock exchange in conjunction
therewith. In connection with the completion of the Arrangement, the Aztek
Shares shall be delisted.


Completion of the Arrangement is also subject to receipt of the approval of 66
2/3% of the Aztek shareholders voting in person or by proxy at a meeting of the
Aztek shareholders to be held on January 15, 2010, to consider the Arrangement,
as well as customary court, regulatory and exchange approvals.


About Spartan

Spartan, a privately held corporation based in Calgary, Alberta, has been
engaged in the business of acquiring crude oil and natural gas properties and
exploring for, developing and producing oil and natural gas in western Canada
since mid 2008. Upon completion of the Arrangement, Spartan will be uniquely
positioned with a significant position in each of the three leading oil resource
plays in western Canada, being the Bakken light oil resource play in southeast
Saskatchewan, the Lower Shaunavon medium gravity oil resource play in southwest
Saskatchewan and the Cardium light oil play in central Alberta.


About Aztek

Aztek Energy Ltd. is a junior oil and gas company formed to generate and develop
its own prospects, acquire oil and gas properties and participate with joint
venture partners in oil and gas exploration and development in the Western
Canadian Sedimentary Basin. The Aztek Shares trade on the NEX board of the TSX
Venture Exchange under the symbol AZT.H.


READER ADVISORY

Statements in this joint press release contain forward-looking information
including, without limitation, timing and completion of the Arrangement and the
use of proceeds of the Offering. Readers are cautioned that assumptions used in
the preparation of such information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those
predicted, a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of Spartan and Aztek. These
risks include, but are not limited to; the risks associated with the oil and gas
industry, commodity prices and exchange rate changes. Industry related risks
could include, but are not limited to; operational risks in exploration,
development and production, delays or changes in plans, risks associated to the
uncertainty of reserve estimates, health and safety risks and the uncertainty of
estimates and projections of production, costs and expenses and access to
capital. The risks outlined above should not be construed as exhaustive. The
reader is cautioned not to place undue reliance on this forward-looking
information. Neither Spartan or Aztek undertakes any obligation to update or
revise any forward-looking statements except as expressly required by applicable
securities laws.


Certain of the information contained in this press release assumes that Spartan
has completed the Arrangement on the anticipated basis and times set forth
herein. The Arrangement is subject to the receipt of the approval of the
shareholders of Aztek, the approval of the Court of Queen's Bench for the
province of Alberta as well as all other necessary regulatory approvals. The
anticipated listing of the Spartan Shares on a recognized Canadian stock
exchange is subject to the conditional approval of that stock exchange and
Spartan satisfying the listing requirements and all other requirements of such
exchange.


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.