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Press release from Marketwire

Dundee Energy Limited Renews Its Normal Course Issuer Bid

Friday, March 30, 2012

Dundee Energy Limited Renews Its Normal Course Issuer Bid16:26 EDT Friday, March 30, 2012TORONTO, ONTARIO--(Marketwire - March 30, 2012) - Dundee Energy Limited (TSX:DEN) ("Dundee Energy" or the "Corporation") today announced receipt of regulatory approval respecting its intention to continue its normal course issuer bid (the "Bid") through the facilities of the Toronto Stock Exchange ("TSX") from April 3, 2012 to April 2, 2013. Dundee Energy may purchase up to a maximum of 8,232,582 of its common shares ("Common Shares"), representing approximately 5% of the Common Shares issued and outstanding as of March 20, 2012. As of March 20, 2012, there were 164,651,647 Common Shares issued and outstanding. Dundee Energy may purchase up to 4,452 Common Shares during any trading day, which represents 25% of its average daily trading volume, being 17,808 Common Shares for the most recently completed six calendar months prior to TSX acceptance of the notice of normal course issuer bid, other than pursuant to a block purchase exception. The purchases will be made in accordance with the policies and rules of the TSX. The price paid for any Common Shares acquired will be the market price at the time of purchase and all Common Shares purchased under the Bid will be cancelled. Dundee Energy believes that the purchase of its Common Shares at current market values represents a good long-term investment for the Corporation. To date, Dundee Energy has purchased an aggregate of 57,012 Common Shares at a weighted average price of $0.75 through the facilities of the TSX under the previous normal course issuer bid which came into effect on April 1, 2011 and will expire on March 31, 2012. ABOUT THE CORPORATIONDundee Energy Limited (formerly "Eurogas Corporation") is a Canadian-based oil and natural gas company with a mandate to create long-term value for its shareholders through the exploration, development, production and marketing of oil and natural gas, and through other high impact energy projects. Dundee Energy holds interests, both directly and indirectly, in the largest accumulation of producing oil and gas assets in Ontario, in the development of an offshore underground natural gas storage facility in Spain and, through a preferred share investment, in certain exploration and evaluation programs for oil and natural gas offshore Tunisia. The Corporation's common shares trade on the Toronto Stock Exchange under the symbol "DEN".FOR FURTHER INFORMATION PLEASE CONTACT: Jaffar KhanDundee Energy LimitedPresident & CEO(403) 264-4985(403) 262-8299 (FAX)ORc/o Dundee CorporationDundee Energy Limited21st Floor, Dundee Place1 Adelaide Street EastToronto, ON M5C 2V9www.dundee-energy.com