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CARPINTERIA, CALIFORNIA--(Marketwire - June 30, 2010) - NiMin Energy Corp. (TSX:NNN)(OTCQX:NEYYF)(PINK SHEETS:NEYYF) ("NiMin" or the "Company") today announced the closing and funding of its new credit facility (the "Credit Facility") in the amount of US $36 million from CLG Energy Finance, LLC, an affiliate of Beal Bank ("CLG") ([ http://www.bealbank.com/ ]). At the request of the Company and subject to approval by CLG, the Credit Facility may be increased up to US $75 million to provide additional development capital.

The new long-term Credit Facility will be used to repay the Company's existing short-term debt of US $22.4 million and to fund the Company's 2010 and 2011 capital program – which is focused on developing the recently acquired Wyoming assets. The Credit Facility carries a five year term, a fixed interest rate of 12.5% per year and has no required principal amortization in the first and second years. This structure provides NiMin with substantial cash flow flexibility to execute the 2010 and 2011 capital program. The Company and CLG view this initial financing as the establishment of a long-term relationship by which a more conventional senior borrowing base credit facility may be established with CLG in the future as proven undeveloped reserves are converted to proven producing reserves. CC Natural Resource Partners, LLC ("CCNRP") acted as financial advisor to NiMin in arranging for the Credit Facility.

Management Comments

Clancy Cottman, NiMin's Chairman and CEO, said, "The closing of this long-term Credit Facility with CLG marks another important step in the growth of our company. The proceeds of the Credit Facility will replace our short-term debt and allow us to focus on converting our large inventory of proved undeveloped locations into proved producing reserves. We are pleased to have a strong financial partner in CLG and look forward to a relationship that helps us grow the Company."

Operations Update

The Company also announces that it is preparing to execute the 2010 drilling program in Wyoming and has signed a drilling contract to drill 11 wells. The Company plans to have a rig on location by mid-July and drill two and a half wells per month to complete the program. This drilling program will begin the development of the Ferguson Ranch Field and continue at one or more of our other fields in Wyoming.

The Company continues to report a positive production response from the Combined Miscible Drive ("CMD") project at Pleito Creek field in Kern County, California. The Pleito Creek field is producing approximately 215 barrels of oil per day of 18 degree API oil from the Santa Margarita formation. The field production has increased approximately 50% or 70 barrels of oil per day above the natural decline of the oil reservoir. The Company implemented a new enhanced oil recovery technology, CMD, that combines the benefits of a CO2 flood, steam flood and gravity drainage to enhance recovery and increase oil production rates. The Company anticipates further production increases in the field with continued oxygen injection into the Santa Margarita formation.

About NiMin Energy

NiMin Energy Corp., a Canadian company, is a California-based independent oil and gas exploitation and production company with principal operations in the U.S. in the Bighorn Basin of Wyoming, the San Joaquin Basin in California and onshore areas of South Louisiana. Pursuant to the Company's report of estimated reserves at January 1, 2010, prepared in accordance with National Instrument 51-101, The Company has over 27 million barrels of oil equivalent proved and probable reserves -- 96% of which are oil in California and Wyoming.

About CLG Energy Finance, LLC

CLG Energy Finance, LLC ("CLG Energy") is a division of CLG Hedge Fund, LLC, an affiliate of Beal Bank and Beal Bank Nevada, both multi-billion dollar private financial institutions. CLG Energy seeks to make direct investments in energy and energy-related companies, with particular emphasis on debt investments in the upstream oil & gas sector.

About CCNRP

CC Natural Resource Partners, LLC ("CCNRP") is a Dallas, TX based investment banking firm that provides advisory and capital raising services for public and private energy and natural resource related companies. CCNRP's principals have substantial transaction experience in the energy sector having successfully closed over 70 advisory and capital raising transactions over the past six years with over $3.3 billion in aggregate transaction value.

Cautionary Statements

This news release contains forward-looking statements and information ("forward-looking statements") within the meaning of applicable securities laws, the drilling and development program to be executed by NiMin in Wyoming. A boe equivalent ratio of six thousand cubic feet per barrel (6mcf/bbl) of natural gas to barrels of oil equivalence is based upon an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency for the individual products at the wellhead. Such disclosure of boes may be misleading, particularly if used in isolation. Although NiMin believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based upon currently available information to NiMin. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in forward-looking statements. Risks include, but are not limited to: the risks associated with the oil and gas industry (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in more detail in our Annual Information Form and other documents available at [ www.sedar.com ]. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release, and, except as required by applicable law, NiMin does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement. NiMin undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the NiMin, Legacy or their respective financial or operating results or, as applicable, their securities.