Traverse Energy Ltd. Announces Private Placement Financing

Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) intends to complete a
non-brokered private placement (the "Private Placement") of up to 2.5 million
common shares of the Corporation ("Shares") issued on a "flow through" basis
within the meaning of the Income Tax Act (Canada) issued at $0.95 per share for
total gross proceeds of up to $2,375,000.


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 "Exchange"). Closing of the
Private Placement is expected to occur by early December.


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. Subsequent to the third
quarter, Traverse drilled a 100% working interest oil well in the Long Coulee
area. The well was placed on production November 9, 2010 and is expected to
produce at the allowable rate of 125 BOE/day. Recently the Corporation completed
the drilling of a horizontal well in the Manyberries area of Alberta. Initial
drilling indications are not conclusive and further evaluation through
completion is required. Testing of the well is planned prior to year end subject
to the availability of equipment. Additional drilling targeting oil on the
Corporations' properties at Turin and Carbon is also planned prior to year end.


The common shares of the Corporation currently are listed on the TSX Venture
Exchange under the trading symbol "TVL". Upon the completion of the Private
Placement, there will be 31,583,333 Common 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 completion of the Private
Placement, the use of proceeds from the Private Placement, the Corporation's
stated intention to test the Manyberries well and drilling intentions for the
remainder of 2010. 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 $2,375,000 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.


Where amounts are expressed on a barrel of oil equivalent basis (BOE), natural
gas volumes have been converted to BOE using a ratio of 6,000 cubic feet of
natural gas to one barrel of oil equivalent. This conversion ratio is based upon
an energy equivalent conversion method primarily applicable at the burner tip
and does not represent value equivalence at the wellhead. BOE figures may be
misleading, particularly if used in isolation.