Lateral Capital Corp. Announces Corporate Updates

NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW. 


Lateral Capital Corp. ("Lateral" or the "Company") (TSX VENTURE:LCP) announces
the following corporate updates. 


In connection with the Company's previously announced preliminary prospectus
filed on February 13, 2013 relating to a fully marketed public offering of
subscription receipts on a commercially reasonable efforts basis for minimum
proceeds of $102 million and maximum proceeds of $115 million (the "Public
Offering"), Stonecap Securities Inc. and Wolverton Securities Ltd. are acting as
co-lead agents in connection with the Public Offering and the Company has
engaged a financial advisor for investment banking services to offer the
Subscription Receipts in the United States on a private placement basis. A copy
of the Company's news release dated February 13, 2013 with respect to the Public
Offering and the preliminary prospectus are available on SEDAR at www.sedar.com.



The final terms of the Public Offering, including aggregate proceeds and
pricing, will be determined in the context of the market. In conjunction with
marketing efforts the Company may supplement proceeds of the Public Offering
with either or any combination of one or more private placements of preferred
shares or debt instruments or with debt (including a debt facility). 


In addition, the Company announces that the closing dates of the previously
announced proposed acquisitions of certain petroleum and natural gas assets have
been amended to May 9, 2013, with revised effective dates of February 1, 2013.
Further amendments to extend the closing date may be necessary, details of which
would be disclosed in a subsequent news release. Closing of the proposed
acquisitions is subject to customary closing conditions, including TSX Venture
Exchange ("Exchange") approval. Copies of the Company's news releases dated
November 28, 2012 and December 14, 2012 announcing the acquisitions, as
supplemented by subsequent news releases, are available on SEDAR at
www.sedar.com. 


The Company also announces that copies of its audited financial statements for
the year ended December 31, 2012 and the related management's discussion and
analysis as well as its statement of reserves data and other oil and gas
information (together with the report of reserve data by the Company's
independent qualified reserves evaluator and the report of management and
directors of the Company on the oil and gas disclosure) are available on SEDAR
at www.sedar.com.


Cautionary and Forward-Looking Statements

This news release is not an offer of the securities for sale in the United
States. The securities described in this news release have not been registered
under the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an exemption from registration.
This news release shall not constitute an offer to sell or the solicitation of
an offer to buy nor shall there be any sale of the securities described in this
news release in any state in which such offer, solicitation or sale would be
unlawful.


This news release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws including
forward-looking statements relating to the potential proceeds of the Public
Offering and either or any combination of one or more private placements of
preferred shares or debt instruments, or debt (including a debt facility); the
closing dates and effective dates of the proposed asset acquisitions; and the
maturity date of the notes and the payment of bonus amounts in respect thereto.
These statements relate to future events or future performance. All statements
other than statements of historical fact may be forward-looking statements or
information. Forward-looking statements and information are often, but not
always, identified by the use of words such as "appear", "seek", "anticipate",
"plan", "continue", "estimate", "approximate", "expect", "may", "will",
"project", "predict", "potential", "targeting", "intend", "could", "might",
"should", believe", "would" and similar expressions. 


With respect to forward-looking statements and forward-looking information
contained in this news release, assumptions have been made regarding, among
other things, the Company's ability to obtain required financing on acceptable
terms and in timely manner and the satisfaction of all conditions to closing of
the proposed asset acquisitions. Although the Company believes the assumptions
reflected in the forward-looking statements are reasonable, undue reliance
should not be placed on forward looking statements because Lateral can give no
assurance that such expectations will prove to be correct. 


Forward looking statements are based on current expectations, estimates and
projections that involve a number of risks and uncertainties including risks
relating to the Company's ability to raise sufficient financing and to complete
the proposed asset acquisitions and other risks described in the Company's
amended and restated preliminary prospectus. The Company's actual results,
performance or achievement could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no assurance can
be given that any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what benefits the Company will
derive therefrom.


The forward-looking statements included in this news release are expressly
qualified by this cautionary statement and are made as of the date hereof and no
undertaking is given 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 or the TSX Venture
Exchange. 


FOR FURTHER INFORMATION PLEASE CONTACT: 
Lateral Capital Corp.
Corbin Blume
President & CEO
[phone]
[phone] (FAX)


Lateral Capital Corp.
730, 1015 - 4th Street SW
Calgary, Alberta T2P 2V7