Culane Completes Plan of Arrangement

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES.


Culane Energy Corp. (TSX VENTURE:CLN) ("Culane") is pleased to announce that it
has completed the previously announced plan of arrangement, involving Killam
Acquisition Company Ltd. ("AcquisitionCo"), an indirect wholly-owned subsidiary
of a TSX 200-listed company, whereby AcquisitionCo acquired all of the issued
and outstanding class "A" common voting shares of Culane (the "Culane Shares")
for cash consideration of $2.32 per Culane Share for aggregate consideration of
$78.7 million, including the assumption of approximately $13.6 million of net
debt (the "Arrangement"). The Arrangement received approval of over 90% of the
Culane Shares voted at the annual and special meeting of holders of Culane
Shares held July 28, 2011. The Culane Shares are expected to be delisted from
the TSX Venture Exchange on or about August 2, 2011.


Forward Looking Statements

The forward-looking statements contained in this document are based on certain
key expectations and assumptions, including with respect to, expectations and
assumptions concerning timing of delisting of the Culane Shares from the TSX
Venture Exchange. Although Culane 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 Culane 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. 


The forward-looking statements contained in this document are made as of the
date hereof and Culane 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.