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Press release from Marketwire

Pinecrest Energy Inc. Announces Closing of $60 Million Bought Deal Financing

Wednesday, March 14, 2012

Pinecrest Energy Inc. Announces Closing of $60 Million Bought Deal Financing08:48 EDT Wednesday, March 14, 2012CALGARY, ALBERTA--(Marketwire - March 14, 2012) -NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESPinecrest Energy Inc. (TSX VENTURE:PRY) ("Pinecrest") is pleased to announce that it has completed its previously announced bought deal financing (the "Offering") for gross proceeds of approximately $60 million. Pursuant to the Offering, Pinecrest, through a syndicate of underwriters led by Canaccord Genuity Corp. and including GMP Securities L.P., Cormark Securities Inc., Scotiabank, Peters & Co. Limited, Paradigm Capital Inc., Desjardins Securities Inc. and Dundee Securities Ltd., issued 18,500,000 common shares at a price of $3.25 per common share.The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.FOR FURTHER INFORMATION PLEASE CONTACT: Wade BeckerPinecrest Energy Inc.President and CEO(403) 817-2550(403) 817-2599 (FAX)ORDan ToewsPinecrest Energy Inc.V.P. Finance & CFO(403) 817-2550(403) 817-2599 (FAX)ORSuite 500, 255 - 5th Avenue S.W.Pinecrest Energy Inc.Calgary, Alberta T2P 3G6Neither the TSX Venture Exchange not its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.