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Information Releases

June 29, 2011

Laricina Energy Closes Equity Private Placements for Approximately C$380 Million


Laricina Energy Ltd. (“Laricina” or the “Company”) is pleased to announce that it has successfully completed its previously announced best-efforts equity private placement financing. The Company issued 8,870,531 common shares to investors at C$42.50 per common share for gross proceeds of approximately C$377.0 million through a syndicate co-led by Peters & Co. Limited and BMO Capital Markets (the “Brokered Financing”).

In conjunction with the Brokered Financing, Laricina also completed a non-brokered private placement financing of 58,178 common shares at the same price per common share as the Brokered Financing to directors, officers and employees of the Company and related parties for gross proceeds of approximately C$2.5 million (the “Non-Brokered Financing”).

Laricina will use the proceeds from the Brokered and Non-Brokered Financings to further develop its assets, in particular, the continued advancement of the Germain commercial demonstration project (“Germain CDP”) which is currently under construction, advancement of future commercial expansion phases at Saleski and Germain, and for general corporate purposes.

On December 23, 2010, Laricina commenced the injection of steam into the Grosmont carbonate formation at its Saleski pilot project (“Saleski Pilot”). First production from the Saleski Pilot has been achieved and the Company is selling produced bitumen into the market. Laricina continues to transition from steaming to production at the Saleski Pilot and advance its pilot program which includes combining its solvent-cyclic process with conventional steam-assisted gravity drainage (“SAGD”) technology. The Company is looking forward to increasing production as it advances its pilot program. Laricina believes that the Saleski Pilot, which has an approved capacity of up to 1,800 barrels per day, is the world’s first SAGD project in the Grosmont carbonate formation, one of Alberta’s largest in situ bitumen resources. Laricina’s regulatory application for the first Saleski commercial expansion phase of 10,700 barrels per day was filed in December 2010.

The Company’s 5,000 barrel-per-day Germain CDP is currently under construction with steam injection expected to commence in late 2012. In late 2010, Laricina contracted the construction of a super-single drilling rig that will be utilized to drill the slant horizontal wells at Germain. Drilling of the initial horizontal wells at Germain is scheduled to begin in July 2011. The rig will also be suitable for drilling 2 future horizontal wells at Saleski. Work for the 3-phase, 150,000-barrel-per-day expansion at Germain beyond the Germain CDP is also underway with the proposed terms of reference, project description and notice of application released in the first quarter of 2011.

Alberta’s oil sands will continue to play an important role in the global energy mix for the foreseeable future and are vitally important to the Canadian economy, Canadian jobs and energy security. The oil sands industry as a whole is making dramatic progress in environmental management by developing practical technologies and through the application of best practices.

About Laricina Energy Ltd.
Laricina is a non-public, Calgary based, responsible energy company that will contribute supply to the growing demand for crude oil through in situ oil sands development.

Laricina’s goal is to create value by developing Canada’s oil sands using innovative in situ technologies. The Company has a diverse portfolio of oil sands assets at varied stages of development, and experienced people with the requisite technical expertise. Laricina has identified five core areas with commercial production potential in excess of 600,000 gross barrels of bitumen per day from a large concentrated resource base with approximately 4.6 billion barrels net recoverable bitumen as determined by Laricina’s independent reservoir engineers. These assets include oil sands resources in the familiar McMurray Formation, the less developed and less mature Grand Rapids and the Grosmont and Winterburn carbonate plays, all of which offer significant production potential.

Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law including the expected closing of the equity private placement and the use of proceeds from the private placement. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “estimate”, “intend”, “believe”, “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on Laricina’s experience and current beliefs as well as assumptions made by, and information currently available to, Laricina, and are subject to a variety of risks and uncertainties including, but not limited to, those associated with resource definition, unanticipated costs and expenses, regulatory approvals, fluctuating oil and gas prices, and the ability to access sufficient capital to finance future acquisitions and development. Although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions and factors discussed in this information release are not exhaustive and readers are not to place undue reliance on forward-looking statements. Laricina disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, subsequent to the date of this message, except as required under applicable securities legislation. The forward-looking statements are expressly qualified by these cautionary statements.

Securities Law Notice
Laricina’s common shares are not traded on any stock exchange in Canada and thus are not subject to regulation by any Canadian stock exchange. Laricina’s securities 3 have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of such Act. As a result, Laricina is not presently subject to the reporting, certification or other requirements imposed on U.S. registered issuers under, among other things, U.S. Sarbanes-Oxley Act of 2002.

This release is provided for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares in any jurisdiction (including the United States) in which such offer, solicitation or sale would be unlawful.

Where Energy
Meets Innovation

Laricina is advancing in situ technology and innovation, through its forward thinking approach and practices. Our ideas begin with people whose knowledge is based on years of in situ experience, redefining and shaping several of the processes we are implementing today.

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