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Primera Energy Resources Ltd. (TSXV:PTT) Announces Closing Of $4 Million Private Placement


October 15, 2009

Press Release (Port of Spain, Trinidad & Tobago, Calgary, Alberta) – October 15, 2009 - Primera Energy Resources Ltd. (“Primera” or the “Corporation”) is pleased to announce it has completed a private placement for 11,428,982 units of the Corporation (“Units”) at a price of $0.35 per Unit for total gross proceeds of approximately $4,000,000. Each Unit issued pursuant to this private placement consisted of one Common Share and one common share purchase warrant (“Warrant”). Each Warrant entitles the holder to acquire one Common Share at an exercise price of $0.55 for a period of one year from the closing date. The securities issued pursuant to the private placement are subject to a four-month hold period. The proceeds from the private placement will be used for general working capital, exploration and development work on the Corporation’s assets, including the participation of the Corporation in the drilling of two exploration wells on the Moruga Block as previously announced on September 17, 2009.

The first of these Moruga Block wells must be spud by February 28, 2010 and is targeting an oilprone exploration target called Green Hermit and is a multi-zone stratigraphic/structural trap of Herrera age sandstones adjacent to the Rock Dome high. In respect of the Moruga Block, the farmee, Petro Andina Trinidad, will earn a 50% working interest in the Moruga Block by paying 95% of all costs, to a maximum of US$13,300,000 for drilling and evaluating two exploration wells to a minimum depth of 3,200 meters. The Corporation will pay the remaining 5% to a maximum of US $700,000 for the drilling of the two exploration wells. Any amounts over the US$14,000,000 will be paid in accordance with the after-earned working interests of Primera Oil and Gas Limited - 33.8%; the Corporation - 16.2% and Petro Andina Trinidad - 50.0%. Following the completion of the private placement, the Corporation has 55,444,750 Common Shares issued and outstanding. The completion of the private placement is subject to TSX Venture Exchange acceptance.