NuLoch Resources Announces Increase to Bought Deal Financing From $25.1 Million to $28.1 Million

TORONTO, Sept. 23 /CNW/ -- 
      /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
      DISSEMINATION IN THE UNITED STATES./
    

      TSX VENTURE SYMBOL: NLR.A, NLR.B
    

      TORONTO, Sept. 23 /CNW/ - NuLoch Resources Inc. ("NuLoch") (www.nuloch.ca)
      (TSX VENTURE:NLR.A) (TSX VENTURE:NLR.B) is pleased to announce that, in
      connection with its previously announced offering the Company and the
      syndicate of underwriters led by Canaccord Genuity Corp. and including
      Raymond James Ltd., Wellington West Capital Markets, and Clarus
      Securities Inc. (the "Underwriters") have agreed to increase the size of
      the financing to $28,100,000 (the "Offering").
    

      The revised terms of the Offering will consist of 16,000,000 Class A
      common shares of NuLoch (the "Common Shares") at a price of $1.25 per
      Common Share and 5,400,000 Class A common shares of NuLoch to be issued
      on a flow-through basis (the "Flow-Through Shares") at a price of $1.50
      per Flow Through Share. NuLoch has also granted the Underwriters an
      option to purchase an additional 2,400,000 Common Shares at the Common
      Shares offering price ("the Over-Allotment Option") for additional gross
      proceeds of up to $3,000,000. The Over-Allotment Option is exercisable
      in whole or in part at any time up to 30 days following the closing of
      the Offering. As a part of their compensation, upon the closing of the
      Offering, the Underwriters will be issued compensation options entitling
      the Underwriters to subscribe for Common Shares for a period of 9 months
      from the closing of the Offering, in an amount equal to 3% of the
      aggregate number of Flow-Through Shares and Common Shares issued under
      the Offering with an exercise price equal to $1.25. The Common Shares
      and Flow-Through Common Shares will be offered in certain provinces of
      Canada, except Quebec, by way of short form prospectus and, with respect
      to the Common Shares only, by way of private placement in the United
      States pursuant to exemptions from the registration requirements
      pursuant to Rule 144 and/or Regulation D of the United States Securities
      Act of 1933.
    

      The proceeds received by NuLoch from the sale of the Flow-Through Shares
      will be used to incur eligible Canadian exploration expenses. The
      proceeds received by NuLoch from the sale of the Common Shares will be
      used to fund the exploration and development activities of the
      Corporation with particular emphasis on development of its properties at
      Tableland, Saskatchewan and Divide and Burke counties in North Dakota
      and for general corporate purposes. Closing of the Offering is expected
      to occur on or about October 14, 2010 and is subject to certain
      customary conditions including, but not limited to, the receipt of all
      necessary approvals including the approval of the TSX Venture Exchange.
    

      Upon completion of this Offering without giving effect to the
      Over-Allotment Option, NuLoch will have approximately 115,526,037 Class
      A common shares and 652,500 Class B common shares issued and outstanding.
    

      This press release shall not constitute an offer of Common Shares or
      Flow-Through Shares for sale in the United States. This press release
      does not constitute an offer to sell or the solicitation of an offer to
      buy, nor shall there be any sale of the securities in any jurisdiction
      in which such offer, solicitation or sale would be unlawful. The Common
      Shares or Flow-Through Shares have not been and will not be 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
      applicable exemption from registration.
    

      ADVISORIES
    

      Certain information set forth in this press release contains
      forward-looking statements. Specifically, this press release contains
      forward-looking statements concerning the anticipated use of proceeds of
      the Offering and the anticipated closing of the Offering. The
      anticipated closing date assumes that prior to that date, NuLoch will
      obtain all necessary regulatory approvals. The anticipated use of
      proceeds assumes that the Offering will occur as contemplated and
      assumes the existence of certain other conditions with respect to the
      capital expenditure program of NuLoch, general economic conditions and
      commodity prices. In each case, the risk factors that could cause actual
      results to vary from results expressed or implied by the forward looking
      statements contained in this press release are primarily events beyond
      NuLoch's control that preclude NuLoch from satisfying all applicable
      pre-conditions and include the risks that the Offering may not close.
      These forward-looking statements may prove to be incorrect and undue
      reliance should not be placed on them. These forward-looking statements
      are made as of the date hereof and unless otherwise required by
      applicable law, NuLoch disclaims any intention or obligation to update
      or revise such forward-looking statements, whether as a result of new
      information, future events or otherwise.
    

      Neither 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 release.
    



pNuLoch Resources Inc.br/R. Glenn Dawsonbr/President and CEObr/(403)       920-0455br/[phone] (FAX)br/Email: a href="mailto:[e-mail]" cr="true"[e-mail]/a/p pOR/p pNuLoch Resources Inc.br/2200, 444 - 5th Avenue SWbr/Calgary, Alberta       T2P 2T8/p

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