Octant Energy Corp. Enters Debt Settlement Agreements and New Chief Financial Officer

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES 


Octant Energy Corp. (TSX VENTURE:OEL) ("Octant" or the "Company") announces it
has entered into debt settlement agreements to settle outstanding payables and
management fees, for the aggregate settlement amount of $182,291.69, through the
issuance of an aggregate of 1,822,916 common shares in the capital of the
Company ("Common Shares"), at a price of $0.10 per Common Share. Included in the
amounts settled are $46,669 payable to the President and CEO of the Company and
$135,622 payable to Silvercup Operations, a corporation controlled by Richard
Schmitt. The debt settlement is subject to disinterested shareholder approval to
be sought at the shareholder meeting to be held on, or about, May 29, 2013.


The Common Shares will be subject to a four-month hold period from the date of
issuance in accordance with applicable securities laws. The transactions
contemplated under the debt settlement agreements are subject to certain
conditions including, but not limited to, the receipt of all necessary
approvals, including that of the TSX Venture Exchange.


The Company is also pleased to announce the appointment of Barry (Bahman)
Sadrehashemi as Chief Financial Officer of the Company effective March 11, 2013.


Barry Sadrehashemi, brings an extensive background in corporate finance to the
Company. He received his B.Sc. (Honours) Economics & Statistics degree from
Salford University, England in 1968 and was admitted to the Instituted of
Chartered Accountants in England and Wales in 1971, in 1976, completed the
Advanced Management Course at the Wharton School of Business. During this time
he held a variety of senior management positions at the National Bank of Iran.
Since relocating to Alberta, Canada in 1981, he has worked in the Office of the
Auditor General of Alberta as an Audit Supervisor, the Alberta Treasury Branches
as Deputy Chief Inspector and Vice President Alternative Delivery Sales, Arakis
Energy Corporation as Corporate Controller, and at Talisman Energy as Senior
Financial Advisor. Since 1999, he has been teaching at Haskayne School of
Business, University of Calgary. Mr. Sadrehashemi has served on the boards of a
number of companies and associations. He became a member of the Institute of
Chartered Accountants of Alberta in 1982 and qualified as a Certified
Information Systems Auditor (CISA) in 1990.


Reader Advisory

This press release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical facts, that address future exploration drilling,
exploration and production activities and events or developments that the
Company expects, are forward looking statements. Although the Company believes
the expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future performance
and actual results or developments may differ materially from those in
forward-looking statements. Factors that could cause actual results to differ
materially from those in forward looking statements include market prices,
regulatory approvals, continued availability of capital and financing, and
general economic, market or business conditions. 


This news release shall not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of securities in any
state in the United States in which such offer, solicitation or sale would be
unlawful. The securities referred to herein have not been and will not be
registered under the United States 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 requirements.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Octant Energy Corp.
Richard Schmitt
CEO and President
North America: [phone]
[e-mail]