CALGARY, ALBERTA--(Marketwire - June 28, 2010) - Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) is pleased to announce that it has successfully completed its previously announced non-brokered private placement (the "Private Placement") of 2,135,000 units of the Corporation ("Units") at an issue price of $1.30 per Unit, each Unit consisting of one (1) common share of the Corporation ("Common Share") issued at $0.60 per share and one (1) Common Share issued on a "flow through" basis within the meaning of the Income Tax Act (Canada) issued at $0.70 per share for total gross proceeds of $2,775,500.

The Corporation received conditional approval of the Private Placement from the TSX Venture Exchange on June 22, 2010. The Common Shares are subject to a hold period under applicable securities laws until October 29, 2010.

Current insiders of the Corporation participated in the Private Placement and purchased an aggregate of 317,400 Units, or 14.9% of the Private Placement.

The Corporation paid an aggregate finder's fee of $32,110 to a registered broker in consideration for placing 494,000 Units under the Private Placement, and an aggregate finder's fee of $22,587.50 to a second registered broker in consideration for placing 347,500 Units under 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 and other working capital requirements.

About the Corporation

The Corporation is a junior oil and natural gas exploration and production company. The Corporation's management will continue to evaluate drilling and acquisition opportunities within Canada. The Common Shares of the Corporation currently are listed on the TSX Venture Exchange under the trading symbol "TVL". There are currently 29,353,333 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 use of proceeds from the Private Placement. The intended use of proceeds might change if the board of directors of the Corporation determines that it would be in the best interests of the Corporation to deploy the proceeds for some other purpose. Undue reliance should not be placed on such forward-looking 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.