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Press release from Marketwire

Dundee Energy Limited Announces Completion of $8.9 Million Fully Subscribed Rights Offering

Friday, April 05, 2013

Dundee Energy Limited Announces Completion of $8.9 Million Fully Subscribed Rights Offering

18:38 EDT Friday, April 05, 2013

TORONTO, ONTARIO--(Marketwired - April 5, 2013) - Dundee Energy Limited ("Dundee Energy" or the "Corporation") (TSX:DEN) announces today that it has completed its previously announced rights offering (the "Rights Offering"), which expired on April 4, 2013. The Rights Offering was fully subscribed raising gross proceeds to the Corporation of $8,886,745. The Corporation will issue an aggregate of 5,734,067 common shares and 17,787,596 "flow-through" common shares (collectively, the "Rights Shares"). The Rights Shares are issuable to eligible persons who exercised rights issued under the Rights Offering, as described in the rights offering circular of the Corporation dated February 27, 2013 (the "Circular"), a copy of which is available under the Corporation's profile on SEDAR at www.sedar.com.

The proceeds of the Rights Offering will be used as described in the Circular. Following the issuance of the Rights Shares, the Corporation will have 188,173,310 common shares issued and outstanding.

ABOUT THE CORPORATION

Dundee Energy Limited 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".

FORWARD-LOOKING INFORMATION

Certain information set forth in this news release contains forward-looking statements. Forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions or include words such as "expects", "anticipates", "intends", "plans", "believes", "estimates" or similar expressions. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation's control, including: exploration, development and production risks; uncertainty of reserve estimates; reliance on operators, management and key personnel; cyclical nature of the business; economic dependence on a small number of customers; additional funding that may be required to execute on exploration and development work; the ability to obtain, sustain or renew licenses and permits; risks inherent to operating and investing in foreign countries; availability of drilling equipment and access; industry competition; environmental concerns; climate change regulations; volatility of commodity prices; hedging activities; potential defects in title to properties; potential conflicts of interest; changes in taxation legislation; insurance, health, safety and litigation risk; labour costs and labour relations; geo-political risks; risks relating to management of growth; aboriginal claims; volatility of the Corporation's share price; royalty rates and incentives; regulatory risks relating to oil and natural gas exploration; marketability and price of oil and natural gas; failure to realize anticipated benefits of acquisitions and dispositions; information system risk; and other risk factors discussed or referred to in the section entitled "Risk Factors" in the Corporation's Annual Information Form for the year ended December 31, 2012 and the section entitled "Risk Factors" in the Rights Offering Circular.

Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Corporation's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits the Corporation will derive from them. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

FOR FURTHER INFORMATION PLEASE CONTACT:

Contact Information:
Dundee Energy Limited
c/o Dundee Corporation
21st Floor, Dundee Place
1 Adelaide Street East
Toronto, ON M5C 2V9


Dundee Energy Limited
Jaffar Khan
President & CEO
(403) 264-4985
(403) 262-8299 (FAX)
www.dundee-energy.com

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