TVL Traverse Energy Ltd

Traverse Energy Ltd. (the "Corporation") (TSX VENTURE:TVL) is pleased to
announce that it has successfully completed its previously announced
non-brokered private placement (the "Private Placement") of 6,531,128 common
shares of the Corporation ("Shares"), 2,637,939 of which were issued on a "flow
through" basis within the meaning of the Income Tax Act (Canada) for total gross
proceeds of $5,574,593.


The Corporation received conditional approval of the Private Placement from the
TSX Venture Exchange on May 11, 2011. The Shares are subject to a hold period
under applicable securities laws until September 19, 2011.


Current insiders of the Corporation participated in the Private Placement and
purchased an aggregate of 305,000 Shares, or 4.7% of the Private Placement.


The Corporation paid an aggregate finder's fee of $174,282 to three registered
brokers in consideration for placing an aggregate of 3,356,000 Shares under the
Private Placement.


The Corporation intends to use the proceeds from the Private Placement to fund a
portion of its exploration drilling activities in the province of Alberta and
other working capital requirements.


About the Corporation

The Corporation is a junior oil and natural gas exploration and production
company. The Corporation's management will continue to evaluate drilling and
acquisition opportunities within Canada. The Common Shares of the Corporation
currently are listed on the TSX Venture Exchange under the trading symbol "TVL".
There are currently 38,484,461 Common Shares issued and outstanding.


Forward-Looking Information

This news release contains forward-looking information which is not comprised of
historical facts. Forward-looking information involves risks, uncertainties and
other factors that could cause actual events, results, performance, prospects
and opportunities to differ materially from those expressed or implied by such
forward-looking information. Forward-looking information in this news release
includes statements with respect to the Corporation's use of proceeds from the
Private Placement. The intended use of proceeds might change if the board of
directors of the Corporation determines that it would be in the best interests
of the Corporation to deploy the proceeds for some other purpose. Undue reliance
should not be placed on such forward-looking information, which only applies as
of the date of this news release, and no assurance can be given that such events
will occur. The Corporation disclaims any intention or obligation to update or
revise any forward-looking information, whether as a result of new information,
future events or otherwise, other than as required by law.

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