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Press release from CNW Group

Palliser Oil & Gas Closes Bought Deal Financing

Thursday, January 31, 2013

Palliser Oil & Gas Closes Bought Deal Financing09:09 EST Thursday, January 31, 2013CALGARY, Jan. 31, 2013 /CNW/ - Palliser Oil & Gas Corporation (TSXV: PXL) ("Palliser"), is pleased to announce that it has closed its previously announced short form prospectus offering on a "bought deal" basis of 5,000,000 common shares (the "Common Shares") of Palliser for aggregate gross proceeds of $3,150,000 (the "Offering"). The Offering was completed by a syndicate of underwriters led by Octagon Capital Corporation and including PI Financial Corp., Acumen Capital Finance Partners Limited and Paradigm Capital Inc.About Palliser Oil & Gas CorporationPalliser is a Calgary-based junior oil and gas company focused on high netback heavy oil production in the greater Lloydminster area of Alberta and Saskatchewan.Neither the TSX Venture Exchange nor 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 press release.SOURCE: Palliser Oil & Gas CorporationFor further information: Palliser Oil & Gas Corporation Kevin Gibson CEO (403) 209-5717 kevin@palliserogc.com or Allan B. Carswell President & COO (403) 209-5709 al@palliserogc.com or Ivan J. Condic Vice President, Finance & CFO (403) 209-5718 ivan@palliserogc.com