AVG Avidian Gold Corp

Avatar Energy Ltd. ("Avatar", "we", "us", "our" or the "Company") (TSX
VENTURE:AVG) is pleased to announce its second quarter 2012 financial results.
Copies of the financial statements and management discussion and analysis are
available for review at www.sedar.com and on our website at www.avatarenergy.ca
.


Second Quarter 2012 Highlights

Stable production of 80 barrels of oil equivalent ("BOE") per day from
operations. The Pembina Cardium play continues to develop positively with better
technology (such as slick water fracing) and reduced costs.


Strategic Alternatives

The Board of Directors of Avatar has decided to initiate a process to identify,
examine and consider a range of strategic alternatives available to the Company
with a view to enhancing shareholder value. The strategic alternatives
considered may include, but are not limited to, an outright sale of the Company
or a merger or other strategic transaction involving Avatar and a third party.
The Board of Directors believes that the Company's shares trade at a significant
discount to the value of the underlying assets, especially given its prospective
Cardium oil drilling inventory and land position. The Company has retained CB
Securities Inc. as its financial advisor to assist the Board of Directors with
the process.


It is Avatar's current intention to not disclose developments with respect to
its strategic alternatives process unless and until the Board of Directors has
approved a specific transaction or otherwise determines that disclosure is
necessary in accordance with applicable law.


Forward-Looking Statements

This press release contains forward-looking statements. More particularly, this
press release contains statements concerning the Board's and management's
assessment of future plans and operations, potential results of the strategic
review process, including the possibility of entering into a potential strategic
transaction, potential enhancement of shareholder value, and disclosure
intentions with respect to the strategic alternative review process. Although
the Company believes that the expectations reflected in these forward-looking
statements are reasonable, undue reliance should not be placed on them because
the Company can give no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. The risks to which the
Company is subject include, but are not limited to, the availability of
potential transactions and interest from third parties in pursuing potential
transactions with Avatar; the exploration of strategic alternatives may not
result in any agreement or transaction, or if an agreement or transaction is
entered into, it may not be successful or on attractive terms, operational risks
inherent in the exploration, development and production of oil and gas;
availability of financing; general economic conditions and changes in the
capital markets; volatility of oil and gas prices; competition; and changes in
legislation and the regulatory environment. The forward- looking statements
contained in this press release are made as of the date hereof and the Company
undertakes no obligations to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future events
or otherwise, unless required by applicable securities laws.


Avatar converts certain natural gas volumes to BOEs on the basis of one barrel
to six thousand cubic feet and daily production is presented as barrels of BOE
per day. BOEs may be misleading, particularly if used in isolation. A conversion
ratio of one barrel of crude oil or natural gas liquids to six thousand cubic
feet of natural gas is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not necessarily represent value
equivalency at the wellhead.

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