Traverse Energy Ltd. Closes Private Placement Financing

Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) announces that it has
closed the second and final tranche (the "Final Tranche") of its previously
announced non-brokered private placement (the "Private Placement") of common
shares of the Corporation ("Shares") issued on a "flow through" basis within the
meaning of the Income Tax Act (Canada) (the "Tax Act") at $0.84 per Share. The
Corporation issued 1,608,750 Shares for gross proceeds of $1,351,350 in the
Final Tranche. These Shares are subject to a hold period under applicable
securities law until April 18, 2014.


The Corporation issued a total of 4,000,000 Shares in the Private Placement for
total gross proceeds of $3,360,000. The Corporation paid an aggregate finder's
fee of $120,519 to five registered brokers in consideration for placing an
aggregate of 2,391,250 Shares under the Private Placement.


Subsequent to the Corporation's previously announced closing of the first
tranche of the Private Placement ("First Tranche"), adjustments were made to the
terms of the Private Placement to allow subscribers of both the First Tranche
and the Final Tranche to receive either the renunciation of Canadian exploration
expenses or Canadian development expenses. As a result, the Corporation issued
(i) 2,883,050 Shares on a "flow through" basis eligible for the renunciation of
Canadian exploration expenses within the meaning of the Tax Act; and (ii)
1,116,950 Shares were issued on a "flow through" basis eligible for the
renunciation of Canadian development expenses ("CDE") within the meaning of the
Tax Act. Insiders of the Corporation participated in the Private Placement and
purchased an aggregate of 966,950 Shares eligible for the renunciation of CDE,
or 24% of the Private Placement.


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


Acquisition of DLS Energy Ltd.

The Corporation is also pleased to announce that it has closed the acquisition
(the "Acquisition") of all the issued and outstanding common shares of a private
oil and gas company, DLS Energy Ltd. ("DLS"). The total consideration paid for
all of the issued and outstanding common shares of DLS ("DLS Shares") was
$414,700.04.


The Corporation received conditional approval of the Acquisition from the TSX
Venture Exchange ("TSXV") on December 12, 2013. The Acquisition of DLS was
considered a Reviewable Transaction as defined in TSXV Policy 5.3- Acquisitions
and Dispositions of Non-Cash Assets as each of David H. Erickson and Laurie J.
Smith are directors and officers of the Corporation and are also directors and
officers of DLS. Sharon Supple is an officer of the Corporation and a director
of DLS. Each of Mr. Smith and Mr. Erickson declared his interest in the
Acquisition to the board of directors of the Corporation and abstained from the
approval thereof.


DLS was acquired by the Corporation to consolidate its interests in Southern
Alberta and for its tax pools. At Turin, Traverse acquired DLS's interests in
three oil wells, one shut in gas well, an oil battery, pipelines and undeveloped
lands.


Operations Update

Traverse drilled two development wells at its Coyote property in November. The
wells have been completed as oil wells and will be placed on production in the
first quarter of 2014. The Corporation completed the shooting of a 3D seismic
program at Coyote in the fourth quarter and additional 2D and 3D seismic was
purchased. First quarter 2014 drilling plans include two wells in the Turin area
and four wells in the Coyote area.


About the Corporation

The Corporation is a junior oil and natural gas exploration and production
company in Alberta. The common shares of the Corporation currently are listed on
the TSXV under the trading symbol "TVL". There are currently 53,507,911 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 use of proceeds from the Private
Placement, the timing of the placement of two wells at Coyote on production, and
first quarter 2014 drilling plans. Material assumptions and factors that could
cause actual results to differ materially from such forward-looking information
include 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.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accept
responsibility for the adequacy or accuracy of the content of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Traverse Energy Ltd.
Laurie Smith
President and Chief Executive Officer
780, 839 - 5th Avenue S.W.
Calgary, Alberta  T2P 3C8
[phone]