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Press release from Marketwire

Dundee Corporation and Dundee Energy Limited Announce Completion of Acquisition of Torque Energy Inc. by Dundee Energy

Thursday, August 04, 2011

Dundee Corporation and Dundee Energy Limited Announce Completion of Acquisition of Torque Energy Inc. by Dundee Energy18:24 EDT Thursday, August 04, 2011TORONTO, ONTARIO--(Marketwire - Aug. 4, 2011) -Dundee Corporation (TSX:DC.A)(TSX:DC.PR.A)(TSX:DC.PR.B) ("Dundee Corp." or the "Company") and Dundee Energy Limited (TSX:DEN) ("Dundee Energy") announce the completion of the acquisition of Torque Energy Inc. by Dundee Energy. In connection therewith and in accordance with regulatory requirements, Dundee Corp. announced that it has acquired, pursuant to a private placement, 7,243,280 common shares of Dundee Energy at a price of $0.83 per common share. In addition, Dundee Corporation tendered its interest in Torque Energy Inc. pursuant to the transaction and received 1,344,073 common shares of Dundee Energy. In aggregate, the Company now owns directly and indirectly an approximate 56.61% interest in Dundee Energy.The position in Dundee Energy was acquired for investment purposes and may be increased or decreased in the future as considered appropriate in light of investment criteria, market conditions and other factors and in accordance with the provisions of applicable securities legislation.FOR FURTHER INFORMATION PLEASE CONTACT: Ned GoodmanDundee CorporationPresident and Chief Executive Officer(416) 365-5665ORLucie PresotDundee CorporationVice President and Chief Financial Officer(416) 365-5157ORJaffar KhanDundee Energy LimitedPresident and Chief Executive Officer(403) 264-4985