CALGARY, ALBERTA--(Marketwire - Aug. 23, 2010) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

Spartan Exploration Ltd. ("Spartan" or the "Company") (TSX:SPE), is pleased to announce that due to excess demand it has increased its previously announced bought deal financing detailed in its press release issued earlier this morning with a syndicate of underwriters co-led by Clarus Securities Inc. and GMP Securities L.P., and including Mackie Research Capital Corporation and Stonecap Securities Inc. (collectively, the "Underwriters") pursuant to which the underwriters will now purchase, on a "bought deal" basis, 5,263,000 common shares ("Common Shares") of Spartan at an issue price of $2.85 per Common Share for gross proceeds to Spartan of approximately $15.0 million (the "Offering"). The Underwriters have also been granted an option to purchase up to an additional 15% of the Offering on the same terms to cover over-allotments, exercisable in whole or in part at any time on or within 30 days after the closing date. If the over-allotment option is exercised in full, the gross proceeds of the Offering will now be approximately $17.25 million. In all other respects, the terms of the Offering and use of proceeds will remain as previously disclosed in the earlier press release.

Closing is expected to occur on or about September 13, 2010 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.

Proceeds of the Offering will be used to fund the Company's drilling operations and for general corporate purposes.

Spartan, based in Calgary, Alberta, has been engaged in the business of acquiring crude oil and natural gas properties and exploring for, developing and producing oil and natural gas in western Canada since mid 2008. Spartan is uniquely positioned with a significant position in three leading oil resource plays in western Canada, being the Cardium light oil play in the Pembina area of central Alberta, the Bakken light oil resource play in southeast Saskatchewan and the Lower Shaunavon medium gravity oil resource play in southwest Saskatchewan.

READER ADVISORY

This press release contains forward-looking statements and forward-looking information within the meaning of applicable Canadian securities legislation (collectively, "forward-looking statements"). Specifically, this press release contains forward-looking statements relating to the use of proceeds of the Offering, the filing of the short form prospectus and the closing date of the Offering. The forward-looking statements are based on certain key expectations and assumptions made by Spartan, including assumptions concerning the timing of obtaining regulatory approvals and the state of the economy and the exploration and production business, which expectations and assumptions management of Spartan believes to be reasonable at this time. Although Spartan believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable at the date of this press release, undue reliance should not be placed on the forward-looking statements and information as Spartan can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The closing of the Offering could be delayed if Spartan is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned. The Offering will not be completed at all if these approvals are not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the Offering will not be completed within the anticipated time or at all. Additionally, the intended use of the proceeds of the Offering by Spartan may change if the board of directors of Spartan determines that it would be in the best interests of Spartan to deploy the proceeds for some other purpose. The forward-looking statements contained in this press release are made as of the date hereof and Spartan undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.