TVL Traverse Energy Ltd

Traverse Energy Ltd. ("Traverse" or "the Company") (TSX VENTURE:TVL) presents
financial and operating results for the six months ended June 30, 2011. Unless
otherwise stated, the volume conversion of natural gas to barrel of oil
equivalent (BOE) is presented on the basis of 6 thousand cubic feet of natural
gas being equal to 1 barrel of oil. This conversion ratio is based upon an
energy equivalent conversion method primarily applicable at the burner tip and
does not represent value equivalence at the wellhead. BOE figures may be
misleading, particularly if used in isolation.




                                                                            
HIGHLIGHTS                           Three months ended    Six months ended 
                                      June 30,  June 30,  June 30,  June 30,
(unaudited)                              2011      2010      2011      2010 
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Financial ($ thousands, except per                                          
 share amounts)                                                             
------------------------------------                                        
Petroleum and natural gas revenue         903       345     1,887       636 
Funds flow from operations (i)            458        41       862        73 
 Per share - basic and diluted           0.01      0.00      0.03      0.00 
Cash flow from operations                 176       315       944       258 
 (including changes in working                                              
  capital)                                                                  
 Per share - basic and diluted           0.01      0.01      0.03      0.01 
Net loss                                 (152)     (232)     (159)     (348)
 Per share - basic and diluted           0.00      0.00      0.00     (0.00)
Capital expenditures, net of                                                
 dispositions                           3,415       739     4,293     3,087 
Total assets                           19,294    11,794    19,294    11,794 
Working capital                         4,314     4,274     4,314     4,274 
Common shares                                                               
 Outstanding (millions)                  38.5      29.4      38.5      29.4 
 Weighted average (millions)             35.0      25.1      33.5      25.0 
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Operations (units as noted)                                                 
------------------------------------                                        
Average production                                                          
 Natural gas (mcf/day)                    399       403       401       317 
 Oil and NGL (bbls/day)                    89        33       104        30 
 Total (BOE/day)                          155       100       171        83 
Average sales price                                                         
 Natural gas ($/mcf)                     4.06      3.80      4.01      4.27 
 Oil and NGL ($/bbl)                    93.68     69.88     84.73     72.59 
Netback per BOE ($/BOE)                                                     
------------------------------------                                        
Petroleum and natural gas revenue       63.98     38.08     61.00     42.52 
Royalties                                4.08      1.51      3.63      1.40 
Operating                               11.74     12.98     11.99     12.71 
Transportation                           2.27      1.29      1.88      1.27 
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Operating netback                       45.89     22.30     43.50     27.14 
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(i) Management uses funds flow from operations (before changes in non-cash  
    working capital and decommissioning expenditures) to analyze operating  
    performance. Funds flow from operations does not have any standardized  
    meaning prescribed by IFRS and therefore may not be comparable with the 
    calculation of similar measures for other entities.                     



Operations review

All of the Company's oil and gas properties are located in Alberta. Traverse's
activities during 2011 will include the drilling of 7 to 10 wells and shooting 2
and 3D seismic programs within an initial budget of $8-9 million. The Company is
focusing on its' existing medium and light oil properties located in central and
southern Alberta. At June 30, 2011 undeveloped land holdings totalled 147,700
gross (137,300 net) acres at an average working interest of 93%.


During the second quarter Traverse completed the drilling of 2 gross (1.93 net)
wells. At Turin 1 net oil well was drilled and cased for potential oil
production from several zones. This well was placed on production during July,
as a flowing oil well and is currently producing at a rate of 35 BOE per day
(70% oil). Flow rates are currently restricted due to constraints at the
Company's Turin battery. Production from the well includes oil, minor associated
sour natural gas and water. An expansion of the Turin facilities is required to
increase natural gas sweetening capabilities, provide for water separation and
disposal, and increase the oil battery capacity. This work commenced in August.
Traverse has increased its' land holdings to 7,600 gross (7,200 net) acres in
this area. Several follow-up wells are scheduled for drilling, commencing in the
third quarter. Seismic surveys are planned before year end to more fully explore
and develop this property. 


In the Alliance area, Traverse drilled one horizontal well (0.93 net) targeting
Viking oil. A 1075 meter horizontal leg was drilled and completed in June. Due
to mechanical difficulties, only a portion of the proposed completion intervals
were fracture treated. The well has been tied-in and placed on production in
early August with current rates of 50 BOE per day (90% oil). An application for
down spacing has been submitted to allow for an additional well to be drilled.


At Carbon Traverse recently placed a 100% working interest vertical oil well on
production. This well confirms recoverable light oil from the Pekisko formation
and provides correlation with our 3D seismic coverage. The well is currently
recovering completion fluid along with new oil and natural gas from the Pekisko
formation. The well is expected to produce as a lower rate oil and natural gas
well. The Company recently surveyed a horizontal well location scheduled for
drilling in the later part of 2011. This well has a projected 1000 meter
horizontal section in the Pekisko formation. Traverse's land holdings in the
area total 9,500 acres at a 100% working interest.


Forward-looking information

This press release contains forward-looking information. Forward-looking
information is based upon the opinions, expectations and estimates of management
as at the date the information is provided and, in some cases, information
received from or disseminated by third parties. In particular, the Company's
statements with respect to planned drilling and seismic activities for the
remainder of 2011, scheduled follow-up drilling in the Turin area, expected
production from a well in the Carbon area and intentions for drilling a
horizontal well in the Carbon area contain forward-looking information. This
forward-looking information is subject to a variety of substantial known and
unknown risks and uncertainties and other factors that could cause actual events
or outcomes to differ materially from those anticipated or implied by such
forward-looking information. The Company's Annual Information Form filed with
securities regulatory authorities (accessible through the SEDAR website
www.sedar.com) describes the risks, material assumptions and other factors that
could influence actual results and which are incorporated herein by reference.


The forward-looking information contained in this press release is made as of
the date hereof and the Company undertakes no obligation to update publicly or
revise any forward-looking information, whether as a result of new information,
future events or otherwise, unless so required by applicable securities laws.


Further details on the Company including the 2011 second quarter unaudited
financial statements, the related management's discussion and analysis and
Annual Information Form are available on the Company's website and SEDAR.

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