Quattro Announces Intent to Acquire Producing Saskatchewan Oil Field

CALGARY, ALBERTA--(Marketwire - April 2, 2012) - Quattro Exploration And Production Ltd. (TSX VENTURE:QXP) ("Quattro" or the "Company") is pleased to announce that it has entered into an arms-length agreement with an Alberta-based oil and gas exploration and production company (the "Letter of Intent" or "LOI") to acquire 100% of three producing, conventional oil and gas fields in Southern Saskatchewan for $1.5 million (the "Acquisition"). The Acquisition is expected to close on or before May 31, 2012 and will be funded through a mix of equity and debt.

The fields are currently producing 68 barrels of oil and more than 60 barrels of oil and gas production shut in awaiting remediation. Through the Acquisition, Quattro is acquiring low-decline, high quality oil assets with a substantial land base and two underutilized, first-rate processing facilities. The majority of the assets are operated and very high working interest. The area has been underdeveloped and contains 3D seismic over the majority of the existing developed lands. Quattro also has identified additional oil targets on these lands.

Leonard Van Betuw, President of the Company, commented, "We are very pleased, this Acquisition is projected to result in the company generating positive cash flow in 2012. In addition these producing properties and facilities in combination with its current exploration efforts underway represent a significant foundation for additional material growth in 2012."

Summary of the Acquisition

With this Acquisition, Quattro will be acquiring a well-understood and partially developed conventional oil play. The Company is able to build off its well-established core competencies, which include mapping conventional, shallow oil and gas trends and successfully implementing shallow drilling and completion techniques.

About Quattro Exploration and Production Ltd.

Quattro Exploration and Production Ltd. ("QXP") continues to focus on the conventional exploration and development of oil and natural gas reserves in Western Canada, primarily in south central Saskatchewan and the aggressive pursuit of a series of high impact exploration efforts in Central and South America. The company intends to balance a portfolio of activities that assures its shareholders that it achieves material growth in both reserves and production.

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward - looking statements. For more information on the Company, Investors should review the Company's registered filings which are available at www.sedar.com.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. 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 of the U.S. Securities Act and applicable state securities laws.

BOE presentation:

Barrel ("bbl") of oil equivalent ("boe") amounts may be misleading particularly if used in isolation. All boe conversions in this report are calculated using a conversion of six thousand cubic feet of natural gas to one equivalent barrel of oil (6 mcf=1 bbl) and is based on an energy conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head.

Trading in the securities of Quattro Exploration & Production Ltd. should be considered highly speculative. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.