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PASSPORT ENERGY LTD. ANNOUNCES CLOSING OF PRIVATE PLACEMENT

Passport Energy Ltd. [CNSX:PPO] (“Passport” or the “Company”) is pleased to announce that further to its announcement of February 27, 2012, it has completed its previously announced private placement (the “Private Placement”). Pursuant to the Private Placement, the Company has issued 9,757,316 common shares at a price of $0.15 per share for gross proceeds of $1,463,597 and 6,709,681 common shares issued on a “flow-through shares” at a price of $0.17 per share for gross proceeds of $1,140,645, for aggregate gross proceeds of $2,604,243.

Of the shares that were issued pursuant to the Private Placement, 7,070,283 common shares and 4,575,740 flow-through shares were issued on a brokered basis. Salman Partners Inc., with a syndicate of agents including National Bank Financial Inc. and Haywood Securities Inc. (“collectively, the “Agents”),
acted as agents for the brokered portion of the Private Placement.

The Agents were paid an aggregate fee of 7.0% of the gross proceeds raised pursuant to the brokered portion of the Private Placement and were granted a number of broker warrants equal to 7% of the number of common shares and flow-through shares sold pursuant to the brokered portion of the Private Placement. Each broker warrant is exercisable into one common share at a price of $0.19 per share until April 26, 2014.

All of the securities of the Company issued and issuable in connection with the Private Placement are subject to a four month “hold period” and the resale rules of applicable securities legislation. The net proceeds of the Private Placement will be used to fund continuing exploration and development activities at the Company’s Bakken oil project in Hardy, Saskatchewan. Specifically the intention is to
drill and complete two (2) gross oil wells on the Company’s operated joint venture.
As a result of the Private Placement, the Company now has 85,687,318 common shares issued and outstanding.

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 projects.

The Company trades on the CNSX under the trading symbol “PPO”.

Forward Looking Statements
This press release contains forward-looking statements relating to the use of the funds from the offering by Passport. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, estimates, forecasts, projections and other forward-looking statements will not occur, which may cause actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These assumptions, risks and uncertainties include, among other things, the state of
the economy in general and capital markets in particular; fluctuations in oil prices; the results of exploration and development drilling, recompletions and related activities; the uncertainty of reserve estimates; changes in
environmental and other regulations; risks associated with oil and gas operations and future exploration activities; and other factors, many of which are beyond the control of the Company. You can find an additional discussion of those assumptions, risks and uncertainties in Passport’s Canadian securities filings.
The forward-looking statements contained in this press release are made as of the date of this press release. Except as required by law, Passport disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Additionally, Passport undertakes no obligation to comment on the expectations of, or statements made by, third parties in respect of the matters discussed above.

The CNSX does not accept responsibility for the adequacy or accuracy of this news release. Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. For more information, please refer to the Company’s public documents available on SEDAR
(www.sedar.com).

For further information contact:

Bruce Murray
Chairman & CEO
Tel: 403-930-4061
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.passportenergy.com