CALGARY, ALBERTA--(Marketwire - Nov. 18, 2011) -


Spartan Oil Corp. ("Spartan" or the "Company") (TSX:STO) 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 Peters & Co. Limited, AltaCorp Capital Inc., Jennings Capital Inc., Casimir Capital Ltd., Desjardins Securities Inc. and Octagon Capital Corporation (collectively, the "Underwriters") pursuant to which the Underwriters will now purchase, on a bought deal private placement basis, 8,929,000 common shares ("Common Shares") of the Company at an issue price of $2.80 per Common Share, for gross proceeds of $25,001,200 (the "Bought Deal Financing"). The Underwriters have also been granted an option to purchase up to an additional 1,339,350 common shares at the same price, exercisable by the Underwriters at any time up to the day that is 30 days after the closing of the offering for additional gross proceeds of up to $3,750,180. In all other respects, the terms of the Bought Deal Financing and use of proceeds will remain as previously disclosed in the earlier press release. In addition, the previously announced $2,000,000 contemporaneous non-brokered financing of flow-through shares has been increased to 781,250 shares for gross proceeds of $2,500,000.

Closing is expected on or about December 8, 2011, 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. The securities to be issued under this offering will be offered by way of private placement exemptions in all the provinces of Canada, offshore, including in the United Kingdom pursuant to applicable exemptions, and in the United States on a private placement basis pursuant to exemptions from the registration requirements of the United States Securities Act of 1933, as amended.

Net proceeds of the Bought Deal Financing will be used to fund the Company's drilling operations and for general corporate purposes.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction. The Common Shares and flow-through shares have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

The Company is 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. Spartan is uniquely positioned with a significant position in two of the leading oil resource plays in western Canada, being the Cardium light oil play in central Alberta and the Bakken light oil resource play in southeast Saskatchewan.


This press release contains certain forwardlooking statements (forecasts) under applicable securities laws relating to future events or future performance. Forwardlooking statements are necessarily based upon assumptions and judgements with respect to the future including, but not limited to, the outlook for commodity markets and capital markets, the performance of producing wells and reservoirs, well development and operating performance, general economic and business conditions, weather, the regulatory and legal environment and other risks associated with oil and gas operations. In some cases, forwardlooking statements can be identified by terminology such as "may", "will", "should", "expect", "projects", "plans", "anticipates" and similar expressions. These statements represent management's expectations or beliefs concerning, among other things, future operating results and various components thereof affecting the economic performance of Spartan. Undue reliance should not be placed on these forwardlooking statements which are based upon management's assumptions and are subject to known and unknown risks and uncertainties, including the business risks discussed above, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forwardlooking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted.

The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information:

Spartan Oil Corp.
Richard F. McHardy
President & CEO
(403) 457-4006
(403) 457-4028 (FAX)

Spartan Oil Corp
Michelle A. Wiggins
Vice President Finance & CFO
(403) 457-4006
(403) 457-4028 (FAX)