Solimar Announces Closing of Private Placement

Solimar Energy Limited ("Solimar" or the "Company") (ASX:SXS)(TSX VENTURE:SXS)
is pleased to announce that, further to its previous announcements dated January
31, 2014 and February 3, 2014 concerning a non-brokered placement, it has issued
a total of 9,335,385 units ("Units") at a price of C$0.065 per Unit for
aggregate gross proceeds of $606,800 (the "Offering"). Each Unit is comprised of
one (1) ordinary share of Solimar ("Share") and one half of one (0.5) right
("Right"). Each Right, upon receipt of approval by the shareholders of Solimar,
entitles the holder to receive one warrant ("Warrant") to purchase one (1) Share
at an exercise price of $0.065 for a 24 month period following closing.


Pursuant to the Offering, Canacol Energy Ltd. (the "Subscriber") purchased an
aggregate of 4,720,000 Units for aggregate consideration of $306,800.
Immediately following completion of the Offering, the Subscriber had beneficial
ownership of, and control and direction over, an aggregate of 5,516,054 Shares,
or approximately 9.64% of the Shares outstanding. Immediately following
completion of the Offering, the Subscriber also had beneficial ownership of
796,054 warrants. If such warrants are all exercised, the Subscriber would have
beneficial ownership of, and control and direction over, 6,312,108 Shares, or
approximately 10.88% of the Shares outstanding. If and when the shareholders of
Solimar approve the conversion of the Rights to Warrants under the terms of the
Offering, and if all such Warrants held by the Subscriber are exercised in
addition to the 796,054 warrants currently held, the Subscriber would have
beneficial ownership of, and control and direction over, 8,672,108 Shares, or
approximately 14.37% of the Shares outstanding. 


The Subscriber acquired the Units for investment purposes. The Subscriber
intends to review its investment in Solimar on a continuing basis. Depending on
various factors including, but not limited to, Solimar's financial position, the
market price of the Shares, conditions in the securities markets and general
economic and industry conditions, the Subscriber's business or financial
condition and other factors and conditions the Subscriber deems appropriate, the
Subscriber may in the future take such actions with respect to its investment in
Solimar as the Subscriber considers appropriate. The Subscriber may in the
future acquire ownership of, or control and direction over, further Shares. The
Units were acquired by the Subscriber pursuant to an exemption from the
prospectus requirement of applicable securities legislation at Section 2.3 of
National Instrument 45-106, based on the net asset value of the Subscriber.


Securities issued are subject to a four-month hold period expiring June 1, 2014
and June 20, 2014, respectively, in accordance with applicable securities laws. 


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.


Reader Advisory: Forward-looking statements

This news release contains forward-looking information relating to the private
placement, planned development and exploration activities on the properties in
which the Company has interests, and other statements that are not historical
facts. Such forward-looking information is subject to important risks,
uncertainties and assumptions. The results or events predicated in this
forward-looking information may differ materially from actual results or events.
As a result, you are cautioned not to place undue reliance on this
forward-looking information.


Forward-looking information is based on certain factors and assumptions. While
the Company considers these assumptions to be reasonable based on information
currently available to it, they may prove to be incorrect.


Forward looking-information is subject to certain factors, including risks and
uncertainties that could cause actual results to differ materially from what is
currently expected. These factors include risks associated with the private
placement, risks associated with instability of the economic environments in
which the Company operates or owns interests, oil and gas exploration,
development, exploitation, production, marketing and transportation, loss of
markets, volatility of commodity prices, currency fluctuations, imprecision of
reserve estimates, environmental risks, competition from other producers,
inability to retain drilling rigs and other services, incorrect assessment of
the value of acquisitions, failure to realize the anticipated benefits of
acquisitions, delays resulting from or inability to obtain required regulatory
approvals and ability to access sufficient capital from internal and external
sources, reliance on key personnel, regulatory risks and delays, including risks
relating to the acquisition of necessary licenses and permits, environmental
risks and insurance risks. 


You should not place undue importance on forward-looking information and should
not rely upon this information as of any other date. While the Company may elect
to, the Company is under no obligation and does not undertake to update this
information at any particular time, except as required by law. 


ABN 42 112 256 649

FOR FURTHER INFORMATION PLEASE CONTACT: 
Jason Bednar - Director
Phone [phone] or [phone]
www.solimarenergy.com.au
Solimar Energy Limited