Passport Energy Announces Signing of Formal Agreement for Hardy Farm-in

Passport Energy Ltd. (PPO - CNSX), ("Passport" or the "Company") is pleased to announce it has executed a formal farm-in agreement with American Eagle Energy Inc. and Eternal Energy Corp. for the previously announced letter of intent in the Hardy Bakken field in south-eastern Saskatchewan.

The agreement allows Passport to farm-in on up to two wells and associated acreage in the Hardy Bakken Field in south-eastern Saskatchewan. The Company can earn a 25% interest (subject to applicable royalties) in the new wells by paying 38.5% of the drilling costs associated with each well and fulfilling other obligations. The remaining costs will be shared by two partners - American Eagle Energy Inc. and Eternal Energy Corp.

The original Hardy Bakken Field discovery was made in 2008. The discovery well was subsequently shut in because of mechanical problems. A well work over was recently completed that successfully re-established production from that well.

Management expects that the first well will be commenced in May 2011, pending weather and road conditions.

President Frank Port stated, "We are very excited to have completed negotiations for this farm-in. Coupled with the successful financing we recently completed, the Company now has the potential for significant growth in the Western Sedimentary basin."

The Company is a junior natural resource exploration company focused on the acquisition, exploration, and development of economically viable natural resources, with a focus on Bakken oil and gas projects. The Company currently owns 60% of 43,584 gross acres of oil and gas leases in "The SweetGrass Arch" Prospect located in Toole and Pondera Counties, Montana. The SweetGrass Arch prospect has significant gas potential as well as Bakken oil potential. The Company also has signed a definitive agreement allowing it to earn a 25% interest on up to two wells and associated acreage in the Hardy Bakken Field in south-eastern Saskatchewan. The Company continues to seek additional oil and gas properties.

The Company trades on the CNSX under the trading symbol "PPO".

The CNSX does not accept responsibility for the adequacy or accuracy of this news release.

For more information, please refer to the Company's public documents available on SEDAR (sedar.com).

For further information contact:

Frank Port
President and Director
Tel: 604-805-9999
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: passportenergy.com