CORRECTION: Trafina Announces Pricing of Equity Offering

CALGARY, ALBERTA--(Marketwire - April 5, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

The following corrects and replaces the release posted at 9:06 am ET on April 5, 2011 due to missing unit pricing in the first paragraph. The complete and corrected release follows.

Trafina Energy Ltd. (TSX VENTURE:TFA.A) (the "Corporation" or "Trafina") announces that it has priced its previously announced best efforts public offering (the "Offering") of units ("Units"). Pursuant to the Offering, the Corporation will issue a minimum of 14,286,000 Units and a maximum of 22,858,000 Units, at a price of $0.35 per Unit, for gross proceeds of a minimum amount of approximately $5,000,000 and up to a maximum amount of approximately $8,000,000. Each Unit will consist of one Class A common share ("Common Share") and one transferable Common Share purchase warrant ("Warrant") to acquire an additional Common Share at an exercise price of $0.45 for a period of eighteen months from the date of closing. The Offering will be conducted through a syndicate of agents lead by National Bank Financial Inc. and including Mackie Research Capital Corporation, Wellington West Capital Markets Inc. and Cormark Securities Inc. (the "Agents").

The Corporation intends to use the proceeds from the Offering to repay a portion of the outstanding indebtedness under its credit facilities, to reduce the Corporation's working capital deficiency and to fund a portion of the Corporation's 2011 capital program. 

The Units will be sold publicly in the Provinces of British Columbia, Alberta and Ontario and on a private placement basis in the United States pursuant to exemptions from the registration requirements of the U.S. Securities Act of 1933, as amended, (the "1933 Act") and such other jurisdictions as may be agreed to by the Corporation and the Agents. The Offering is expected to close during the week of April 18, 2011 and is subject to certain customary conditions and regulatory approvals, including the approval of the TSX Venture Exchange.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. This press release is not an offer of securities for sale into the United States. No offering of securities shall be made in the United States or to or on behalf of a US person except pursuant to registration under the US Securities Act of 1933, as amended, or an applicable exemption therefrom.

About Trafina

Trafina is a junior oil and gas company based in Calgary, Alberta. The Company's main areas of interest are in the McMullen/Twin Lakes and Pembina areas of Alberta and in the Rangeview and Divide areas of southwest Saskatchewan with other operated production in Wetaskiwin, Retlaw and Ronalane in Alberta. Trafina also has non-operated production in Viking/Kinsella, Alberta and minor interests in Carson Creek/Judy Creek, Alberta. Trafina's shares trade on the TSX Venture Exchange under the stock symbol TFA.A.

Forward Looking Statements: This news release contains forward looking statements and forward looking information regarding, among other things, the size and timing of the best efforts financing and the use of proceeds from such financing. The financing may not be completed on these terms or at all. Readers are cautioned that assumptions used in the preparation of such statements may prove to be incorrect. Forward looking statements involves significant known and unknown risks and uncertainties. Reference is made to Trafina's annual information form, management's discussion and analysis and the preliminary prospectus dated March 30, 2011 for a description of some of the risks that could affect the Company's future results and could cause results to differ materially from those expressed in the Company's forward looking statements. The forward looking statements contained in this news release are made as at the date hereof and, except as required by applicable securities laws, Trafina does not undertake any obligation to update publicly or otherwise any such statements.