Clearview Announces Dividend and Potential Acquisitions, Financings and Share Exchanges

CALGARY, ALBERTA--(Marketwire - Dec. 30, 2011) - Clearview Resources Ltd. ("Clearview") is pleased to announce that a cash dividend in the amount of $0.059 per share will be paid to holders of record on January 1, 2012 of its Class A Preferred Shares. The dividend represents the cumulative 5% dividend on each Class A Preferred Share calculated from October 29, 2010 to January 1, 2012. This dividend is an eligible dividend for the purposes of the Income Tax Act (Canada). It is anticipated that all dividend cheques will be in the mail by January 6, 2011.

Clearview is pleased to announce the signing of letters of intent to acquire producing oil and gas properties in two separate transactions. The first transaction involves acquiring approximately 420 boe/d of production for $20 million and is comprised of working interests in several unitized oil and gas fields. The second transaction consists of acquiring approximately 180 boe/d of oil weighted production in the Bantry area of Southern Alberta for $13 million. Both acquisition opportunities offer long term, high quality production and reserves with upside by way of low risk development drilling and on-going production optimization. Closing of either, or both, transactions are subject to normal course due diligence, industry standard agreements and acceptable financing arrangements. Clearview may also consider syndication of either, or both, of the transactions, if required and prudent.

Clearview is pleased to announce that it is proposing to raise additional equity of up to $20 million by the issuance of Voting Common Shares at $10.00 per share by way of one or more private placements. In addition, Clearview is encouraging all holders of Class A Preferred Shares to, subject to available securities law exemptions, exchange such shares for Voting Common Shares after January 1, 2012, on the basis of one (1) Voting Common Share for nine (9) Class A Preferred Shares. The Management and Directors of Clearview have unanimously agreed to convert their respective Class A Preferred Shares.

All reference to dollar values are in Canadian funds.