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Publish Date : 26-Apr-2013

Arsenal Energy Inc. ("Arsenal") is pleased to announce that it has entered into an agreement with Casimir Capital Ltd. (the "Underwriter" or "Casimir") to complete a bought deal private placement financing (the "Offering") of 3,750,000 flow-through common shares ("Flow-Through Shares") at a price of $0.54 per Flow-Through Share for aggregate gross proceeds of $2,025,000. The Company has granted the Underwriter an option ("the Underwriter's Option") exercisable at any time prior to 5 p. m. (Calgary time) on the business day prior to the Closing Date (as hereafter defined) to acquire up to an additional 562,500 Flow-Through Shares at $0.54 per Flow-Through Share for additional aggregate proceeds of up to $303,750.

The gross proceeds from the sale of the Flow-Through Shares will be used to incur Canadian Exploration Expenses ("CEE") for the purposes of the Income Tax Act (Canada) and such CEE will be renounced for the 2013 taxation year.

The Offering is scheduled to close on or about May 8, 2013 and is subject to the completion of formal documentation and regulatory approval, including the conditional approval of the Toronto Stock Exchange. Arsenal has engaged Casimir to act as the underwriter for the Offering. In consideration for their services, the Underwriter will receive a cash commission.

For further details on the Offering please contact either Arsenal or the Underwriter at the contact information provided below.

Arsenal is a junior oil and gas company engaged in the exploration for, and development and production of natural gas and oil reserves primarily in Alberta, Saskatchewan and North Dakota. Arsenal's common shares trade on the Toronto Stock Exchange under the symbol "AEI".

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities of Arsenal in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities to be offered have not been and will not be registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold within the United States or to or for the account or benefit of a U.S. Person absent registration or an applicable exemption from the registration requirements of such Act or laws.

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