CALGARY, ALBERTA--(Marketwired - Aug. 13, 2013) - Traverse Energy Ltd. ("Traverse" or "the Company") (TSX VENTURE:TVL) presents financial and operating results for the six months ended June 30, 2013.

			Three months ended June 30,				Six months ended June 30,
			2013		2012		2013		2012
Financial ($ thousands, except per share amounts)
Petroleum and natural gas revenue			2,015		739		3,479		1,718
Royalty income			1,023		691		2,320		1,540
Cash provided by operations			1,922		1,209		4,082		2,263
Funds from operations (1)			2,124		990		4,161		2,207
	Per share - basic and diluted		0.04		0.02		0.09		0.05
Net income			1,060		39		1,581		395
	Per share - basic and diluted		0.02		0.00		0.03		0.01
Capital expenditures, net of dispositions			1,674		430		4,435		2,913
Total assets			23,620		18,590		23,620		18,590
Working capital			4,202		1,826		4,202		1,826
Common shares
	Outstanding (millions)		49.5		42.2		49.5		42.2
	Weighted average (millions)		47.8		42.2		47.3		42.2
Operations (Units as noted)
Average production
	Natural gas (Mcf/day)		1,638		702		1,524		699
	Oil and NGL (bbls/ day)		326		184		329		198
	Total (BOE/day)		599		301		584		315
Average sales price
	Natural gas ($/Mcf)		3.72		2.02		3.61		2.18
	Oil and NGL ($/bbl)		83.60		77.92		80.65		82.73
Operating netback ($/BOE) (2)
Petroleum and natural gas revenue			49.75		48.16		47.63		50.33
Realized gain on financial derivatives			0.10		0.00		0.06		0.00
Royalties			3.65		0.85		3.58		2.43
Operating costs			12.73		11.65		11.36		12.82
Transportation costs			1.47		1.50		1.58		1.37
Working interest netback			32.00		34.16		31.17		33.71
Royalty netback			72.83		57.62		71.39		66.62
Operating netback			42.50		44.45		43.56		47.00

(1)	Funds from operations is calculated as cash provided by operating activities before changes in non-cash working capital. Funds from operations does not have a standardized measure prescribed by IFRS and therefore may not be comparable with the calculation of similar measures for other companies.
(2)	Operating netback equals petroleum and natural gas revenue, royalty income and realized gain on financial derivatives, less royalties, operating and transportation costs and is calculated on a per unit basis. Working interest netback is calculated as petroleum and natural gas revenue and realized gain on financial derivatives, less royalties, operating and transportation costs and is calculated on a per unit basis. Royalty netback is royalty income and is calculated on a per unit basis. Operating netback, working interest netback and royalty netback do not have a standardized measure prescribed by IFRS and therefore may not be comparable with the calculation of similar measures by other companies.

Operations Review

In the second quarter of 2013 Traverse participated in the drilling of 1 well in the Skiff area of southern Alberta resulting in a potential natural gas well. The Company has a 20% carried working interest in the well through completion. The well (100% interest) drilled at Coyote in March was completed as an oil well and placed on production in June after being pipeline connected to conserve solution gas. The Coyote well contributed 72 BOE/day to the second quarter production. This well has averaged over 200 barrels of oil per day since being placed on production. Other activities included the acquisition of seismic and the purchase of additional acreage in east central Alberta.

Subsequent to the second quarter, Traverse drilled an additional 4 wells (100% interest) in the Coyote area targeting oil prospects. One of these wells was drilled as an offset development well to the initial discovery well. The offset well is being completed as a potential oil well. The three other wells were drilled on recently acquired lands. These wells are currently being completed and tested.

In the Brazeau area of West Central Alberta, Traverse has a gross overriding royalty interest in 10 sections of land (6,400 acres). In the first half of 2013 a total of 19 horizontal Cardium wells were on production. Net production to the Company for the first six months of 2013 averaged 159 BOE per day with an oil and NGL component of 87%. Two additional wells have been drilled but were not on production as of June 30, 2013.

At June 30, 2013 undeveloped land holdings totalled 141,200 gross (138,700 net) acres with an average working interest of 98%. Additional drilling is planned at Turin, Coyote and on another Company owned property in east central Alberta. The Board of Directors has approved a total exploration and development program of $12.6 million for 2013.

Non-IFRS measures

Funds from operations

Funds from operations is a measure not defined in IFRS that is commonly used in the oil and gas industry. Funds from operations is calculated as cash provided by operating activities before non-cash working capital as detailed under the heading "Cash and funds from operations and net income" within the Company's management's discussion and analysis for the six months ended June 30, 2013. The Company believes that in addition to net income, funds from operations is a useful supplemental measure as it provides an indication of Traverse's operating performance. Funds from operations should not be considered as an alternative to or more meaningful than cash provided by operating activities as determined in accordance with IFRS. Traverse's determination of funds from operations may not be comparable to that reported by other companies. Traverse also presents funds from operations per share whereby share amounts are calculated using weighted average shares outstanding consistent with the calculation of income per share.

Operating netback

Management uses certain industry benchmarks such as operating netback to analyze financial and operating performance. This benchmark as presented does not have any standardized meaning prescribed by IFRS and therefore may not be comparable with the calculation of similar measures for other entities. Operating netback reflects petroleum and natural gas revenue, royalty income and realized gain on financial derivatives, less royalties, operating and transportation costs and is calculated on a per unit basis. Working interest netback is calculated as petroleum and natural gas revenue and realized gain on financial derivatives, less royalties, operating and transportation costs and is calculated on a per unit basis. Royalty netback is royalty income and is calculated on a per unit basis. The calculation of Traverse's netbacks is detailed under the heading "Operating netback" within the Company's management's discussion and analysis for the six months ended June 30, 2013.

BOE equivalent

Unless otherwise stated, the volume conversion of natural gas to barrel of oil equivalent (BOE) is presented on the basis of 6 thousand cubic feet of natural gas being equal to 1 barrel of oil. This conversion ratio is based upon an energy equivalent conversion method primarily applicable at the burner tip and does not represent value equivalence at the wellhead. BOE figures may be misleading, particularly if used in isolation.

Forward-looking information

This news release contains forward-looking information which is not comprised of historical fact. 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 the Company's statements with respect to planned additional drilling at Turin, Coyote and east central Alberta. This forward looking information is subject to a variety of substantial known and unknown risks and uncertainties and other factors that could cause actual events or outcomes to differ materially from those anticipated or implied by such forward looking information. The Company's Annual Information Form filed on April 17, 2013 with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describes the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference.

Although the Company believes that the material assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur. The Company disclaims any intention or obligation to update or review any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

Further details on the Company including the 2012 year end audited financial statements, the related management's discussion and analysis and Annual Information Form are available on the Company's website (www.traverseenergy.com) and SEDAR.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of the content of this release.