Clearview Announces Acquisition and Updates Financings and Share Exchanges

CALGARY, ALBERTA--(Marketwire - April 5, 2012) - Clearview Resources Ltd. ("Clearview") is pleased to announce that on March 27, 2012 it completed its $20 million acquisition of 10 long life unitized properties. Production from the units is estimated in excess of 450 boe/d, approximately 60% weighted to oil and liquids. Pro-forma, Clearview estimates total current production to be in excess of 650 boe/d of which 65% is weighted to oil and liquids.

During March 2012, Clearview closed private placements of 570,007 Common Shares at $10.00 per share and 53,402 Common Shares issued on a flow-through basis at $12.00 per share for gross proceeds of $6,340,894. Clearview expects further subscription agreements (including one already executed subscription agreement for the issuance of 200,000 Common Shares at $10.00 per share which is anticipated to close within the next two months).

During February and March 2012, Clearview has issued 1,231,257 Common Shares in exchange for 11,081,300 Class A Preferred Shares and 5,500 Common Shares in exchange for a $49,500 subordinated debenture.

Clearview presently has 2,017,349 Common Shares, 1,866,150 Class A Preferred Shares and 100 Series 1 Class C Preferred Shares outstanding.

In connection with closing the unit acquisition Clearview increased the available credit under its credit facility with ATB Corporate Financial Services to $19,250,000 of which, after receipt of funds from the private placements completed and receipt of the funds for expected subscription agreements approximately $12,000,000.00 will be drawn.

All reference to dollar values are in Canadian funds. Natural gas has been converted to a barrel of oil equivalent (boe) using 6,000 cubic feet (6 mcf) of natural gas equal to one barrel of oil (6:1). The boe conversion ratio of 6 mcf to 1 bbl is based on an energy equivalency conversion method and does not represent a value equivalency, therefore boe's may be misleading if used in isolation.