CALGARY, ALBERTA--(Marketwire - Feb. 8, 2012) -ALBION PETROLEUM LTD. ("Albion") (TSX VENTURE:ABP.H) is pleased to announce that it intends to complete a non-brokered private placement of up to 4,761,905 common shares of Albion issued at a price of $0.105 per share for gross proceeds of up to $500,000. A finder's fee of up to 8% of the gross proceeds of the private placement may be paid on all or any portion of this private placement. Proceeds of the private placement will be used to identify and evaluate qualifying transactions and for general working capital.

It is not anticipated that any new insiders will be created, nor that any change of control will occur, as a result of the private placement. Completion of the private placement is subject to approval from the NEX Board.

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Albion assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Albion. Additional information identifying risks and uncertainties is contained in certain of Albion's filings with the Canadian securities regulators, which filings are available at [ www.sedar.com ].

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