Hyperion Exploration Corp. Announces Issuance of Options

Hyperion Exploration Corp. ("Hyperion" or the "Company") (TSX VENTURE:HYX)
Hyperion announces that it granted options on August 22, 2012 to acquire up to
664,000 Common Shares of Hyperion, 430,000 of which were granted to directors
and officers of Hyperion. Each grant of options is for a five year term,
expiring on August 22, 2017.


The options vest over three years (1/3 on each of the first, second and third
anniversary of the grant date). The options are exercisable at a price of $0.58
per Common Share. There are now options outstanding to purchase a total of
4,833,626 Common Shares of Hyperion, or approximately 8.9% of Hyperion's issued
and outstanding Common Shares. 


Forward Looking and Cautionary Statements

This press release contains certain forward-looking statements (forecasts) under
applicable securities laws relating to future events or future performance.
Forward-looking statements are necessarily based upon assumptions and judgements
with respect to the future including, but not limited to, the outlook for
commodity markets and capital markets, the performance of producing wells and
reservoirs, well development and operating performance, general economic and
business conditions, weather, the regulatory and legal environment and other
risks associated with oil and gas operations. In some cases, forward-looking
statements can be identified by terminology such as "may", "will", "should",
"expect", "projects", "plans", "anticipates" and similar expressions. These
statements represent management's expectations or beliefs concerning, among
other things, future operating results and various components thereof affecting
the economic performance of Hyperion. Undue reliance should not be placed on
these forward-looking statements which are based upon management's assumptions
and are subject to known and unknown risks and uncertainties, including the
business risks discussed above, which may cause actual performance and financial
results in future periods to differ materially from any projections of future
performance or results expressed or implied by such forward-looking statements.
Accordingly, readers are cautioned that events or circumstances could cause
results to differ materially from those predicted.


In the interest of providing Hyperion shareholders and potential investors with
information regarding the Corporation, including management's assessment of
Hyperion's future plans and operation, certain statements throughout this press
release constitute forward looking statements. All forward-looking statements
are based on the Corporation's beliefs and assumptions based on information
available at the time the assumption was made. The use of any of the words
"anticipate", "continue", "estimate", "expect", "may", "will", "project",
"should", "believe" and similar expressions are intended to identify forward
looking statements. By its nature, such forward-looking information involves
known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such forward
looking statements. Hyperion believes the expectations reflected in those
forward looking statements are reasonable but no assurance can be given that
these expectations will prove to be correct and such forward looking statements
contained throughout this press release should not be unduly relied upon. These
statements speak only as of the date specified in the statements. 


In particular, this press release may contain forward looking statements
pertaining to the following:




--  the performance characteristics of the Corporation's oil and natural gas
    properties; 
--  oil and natural gas production levels; 
--  capital expenditure programs; 
--  the quantity of the Corporation's oil and natural gas reserves and
    anticipated future cash flows from such reserves; 
--  projections of commodity prices and costs; 
--  supply and demand for oil and natural gas; 
--  expectations regarding the ability to raise capital and to continually
    add to reserves through acquisitions and development; and 
--  treatment under governmental regulatory regimes. 



The material assumptions in making these forward-looking statements include
certain assumptions disclosed in the Corporation's most recent management's
discussion and analysis included in the material available on this press
release.


The Corporation's actual results could differ materially from those anticipated
in the forward looking statements contained throughout this press release as a
result of the material risk factors set forth below, and elsewhere in this press
release:




--  volatility in market prices for oil and natural gas; 
--  liabilities inherent in oil and natural gas operations; 
--  uncertainties associated with estimating oil and natural gas reserves; 
--  competition for, among other things, capital, acquisitions of reserves,
    undeveloped lands and skilled personnel; 
--  incorrect assessments of the value of acquisitions and exploration and
    development programs; 
--  geological, technical, drilling and processing problems; 
--  fluctuations in foreign exchange or interest rates and stock market
    volatility; 
--  failure to realize the anticipated benefits of acquisitions; 
--  general business and market conditions; and 
--  changes in income tax laws or changes in tax laws and incentive programs
    relating to the oil and gas industry.



These factors should not be construed as exhaustive. Unless required by law,
Hyperion does not undertake any obligation to publicly update or revise any
forward looking statements, whether as a result of new information, future
events or otherwise.


Total Petroleum Initially-in-Place ("TPIIP") - is defined in the Canadian Oil
and Gas Evaluation Handbook ("COGEH") as the quantity of petroleum that is
estimated to exist originally in naturally occurring accumulations. TPIIP
includes that quantity of petroleum that is estimated, as of a given date, to be
contained in known accumulations, prior to production, plus those estimated
quantities in accumulations yet to be discovered. There is no certainty that it
will be economically viable or technically feasible to produce any portion of
this TPIIP except for those portions identified as proved or probable reserves.


Barrels of oil equivalent (boe) may be misleading, particularly if used in
isolation. A boe conversion ratio of six thousand cubic feet (mcf) of natural
gas to one barrel (bbl) of oil is based on an energy conversion method primarily
applicable at the burner tip and is not intended to represent a value
equivalency at the wellhead. All boe conversions in this press release are
derived by converting natural gas to oil in the ratio of six thousand cubic feet
of natural gas to one barrel of oil. Certain financial amounts are presented on
a per boe basis, such measurements may not be consistent with those used by
other companies. 


Estimated values contained in this press release do not represent fair market value.