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Press release from CNW Group

Sure Energy Inc. Announces Closing of Previously Announced Financing and 2012 Capital Budget

Thursday, December 29, 2011

Sure Energy Inc. Announces Closing of Previously Announced Financing and 2012 Capital Budget08:22 EST Thursday, December 29, 2011NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESCALGARY, Dec. 29, 2011 /CNW/ - Sure Energy Inc. (TSX: SHR) ("Sure Energy" or "the Company") is pleased to announce that it has completed its previously announced financing whereby the Company issued 12,000,000 common shares ("Common Shares") of Sure Energy at a price of $1.50 per common share for aggregate gross proceeds of $18.0 million. ("the Offering").  The Offering was underwritten by a syndicate led by Haywood Securities Inc. and including GMP Securities L.P., Desjardins Securities Inc. and Dundee Securities Ltd.The Company is also pleased to announce that its Board of Directors has approved a $38 million capital budget for 2012.  The capital program will be financed with cash flow and existing credit facilities and will focus on exploration and development activities at the Company's three core areas of Redwater, Alberta, Virginia Hills, Alberta and Hatton, Saskatchewan.Forward-looking InformationCertain statements contained in this release constitute forward-looking information. These statements relate to future events or Sure Energy's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Sure Energy's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, Sure Energy's stated expected capital expenditures for 2012 and the financing thereof is forward looking information. Sure Energy's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. Sure disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.For further information: please visit our website at www.sureenergyinc.com or contact: Mr. Jeff Boyce, Chairman and CEO Mr. Chris Baker, President and COO Mr. Lance Wirth, Vice President, Finance and CFO Phone: (403) 410-3100  Fax: (403) 410-3111 Email: info@sureenergyinc.com