AVG Avidian Gold Corp

Avatar Energy Ltd. ("Avatar" or the "Corporation") (TSX VENTURE:AVG), is pleased
to announce that it has entered into a joint venture agreement with a major
Pembina Cardium player to jointly develop its east Pembina acreage. We
anticipate spudding the first joint well in the first quarter of 2012.


Avatar would also like to update its previously announced non-brokered private
placement financing. It is anticipated that aggregate gross proceeds from the
financing will be approximately $174,500 subject to final acceptance by the TSX
Venture Exchange.


Pursuant to the private placement, it is anticipated that 287,500 units
("Units") will be issued at a price of $0.20 per Unit and 531,820 common shares
will be issued on a flow-through basis pursuant to the Income Tax Act (Canada)
(the "Flow Through Shares") at a price of $0.22 per Flow Through Share. Each
Unit is comprised of one common share (a "Common Share") of the Corporation and
one common share purchase warrant (a "Warrant"), each Warrant entitling the
holder thereof to purchase one additional Common Share (the "Warrant Share") at
an exercise price of $0.40 per Warrant Share for a period of 18 months following
the closing date of the private placement subject to the terms and conditions of
the Warrant (including the right of the Corporation to accelerate the expiry
date of the Warrants in certain circumstances). It is anticipated that a
finder's fee of $1,320 will be payable, representing 6% of the proceeds from
certain subscriptions under the private placement. The common shares to be
issued pursuant to the private placement will be subject to a four- month hold
period.


The Corporation will use the proceeds of the private placement to fund ongoing
operations, development drilling and for general administrative purposes.


Assuming all common shares are issued pursuant to the private placement as
contemplated above, there will be 22,337,257 common shares of Avatar outstanding
following the completion of the financing.


Avatar is an emerging junior oil and gas company with production in Alberta. The
Corporation's area of focus is on properties in the Pembina Cardium light oil
play that have long life high quality reserves with repeatable drilling upside.


Cautionary Note Regarding Forward-Looking Statements

Except for the statements of historical fact contained herein, certain
information presented herein constitutes "forward - looking statements". More
particularly, this press release contains statements concerning the proposed
private placement and the spudding of a well pursuant to a joint venture
agreement. The forward-looking statements contained in this document are solely
opinions and forecasts which are uncertain and subject to risks. Forward-looking
statements include but are not limited to uncertainties and other factors which
may cause the actual results, performance or achievements of the Corporation to
be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject to a number
of known and unknown risks and uncertainties, including, but not limited to: non
-performance of agreements in accordance with their terms; the impact of
competition; commodity prices; regulatory environment and inability to obtain
required regulatory approvals; tax laws and treatment; the ability of the
Corporation to raise sufficient capital to complete future projects and satisfy
future commitments; labour and material shortages; and certain other risks
detailed from time to time in the Corporation's public disclosure documents
which can be found at www.sedar.com. The forward-looking statements and
information are based on certain key expectations and assumptions made by the
Corporation, including the ability to obtain the required TSX Venture Exchange
approval. Although the Corporation believes that the expectations and
assumptions on which such forward-looking statements and information are based
are reasonable, undue reliance should not be placed on the forward looking
statements and information because the Corporation can give no assurance that
they will prove to be correct. By its nature, such forward-looking information
is subject to various risks and uncertainties, which could cause the actual
results and expectations to differ materially from the anticipated results or
expectations expressed. Accordingly, readers are cautioned that the assumption
used in the preparation of the forward-looking statements, 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 forward-looking statements contained in this press release are made as of
the date of this press release. Except as required by law, the Corporation
disclaims any intention and assumes no obligation to update or revise any
forward- looking statements, whether as a result of new information, future
events or otherwise, except as required by applicable securities law.
Additionally, the Corporation undertakes no obligation to comment on the
expectations of, or statements made, by third parties in respect of the matters
discussed above.

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