Traverse Energy Ltd. Announces Increase in Size of Private Placement Financing

Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) reports that due to
the oversubscription of its previously announced non-brokered private placement,
the Corporation is increasing the size of its private placement of common shares
of the Corporation ("Shares") to be issued on a "flow through" basis eligible
for the renunciation of Canadian exploration expenses within the meaning of the
Income Tax Act (Canada) at $0.67 per Share (the "Private Placement"). The
Corporation will now issue up to 2,100,000 Shares for total gross proceeds of
$1,407,000. In addition, the Corporation will pay a finder's fee on a portion of
the Private Placement consisting of a cash payment equal to 6% of the gross
proceeds raised from certain subscriptions.


Completion of the Private Placement is subject to certain conditions including,
but not limited to, the receipt of all necessary regulatory approvals including
the approval of the TSX Venture Exchange.  


The Corporation intends to use the proceeds from the Private Placement to fund a
portion of its exploration and drilling activities in the province of Alberta.


About the Corporation 

The Corporation is a junior oil and natural gas exploration and production
company with a substantial land base in Alberta. The common shares of the
Corporation are currently listed on the TSX Venture Exchange under the trading
symbol "TVL". Upon the completion of the Private Placement, there will be
44,309,911 Shares issued and outstanding.


Forward-Looking Information

This news release contains forward-looking information which is not comprised of
historical facts. Forward-looking information involves risks, uncertainties and
other factors that could cause actual events, results, performance, prospects
and opportunities to differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this news release
includes statements with respect to the Corporation's intention to complete the
Private Placement and the use of proceeds from the Private Placement. Material
assumptions and factors that could cause actual results to differ materially
from such forward-looking information includes management's ability to raise
gross proceeds of $1,407,000 and the failure to obtain final approval from the
TSX Venture Exchange. Although the Corporation believes that the material
assumptions and factors used in preparing the forward-looking information in
this news release are reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news release, and no
assurance can be given that such events will occur. The Corporation disclaims
any intention or obligation to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise, other than
as required by law.