Spartan Oil Corp. ("Spartan" or the "Company") (TSX:STO), is pleased to announce
that it has signed an agreement to dispose of certain non-core assets in
southwest Saskatchewan to a western Canadian oil and gas producer for proceeds
of approximately $21 million, subject to normal closing adjustments. The
disposed assets represent approximately 190 boe/d of production and 1.26 Mmboe
of reserves to Spartan. Following the completion of the sale, Spartan will have
approximately 620 boe/d of production and reserves of 3.0 Mmboe. The transaction
is expected to close by the end of June.


Spartan's 2011 capital budget, currently set at $33.6 million, will remain
unchanged for the time being. The Company is budgeting to drill up to 14 gross
(9.1 net) horizontal wells at Keystone in Pembina and is advancing emerging
plays in southeast Saskatchewan at Torquay and Ceylon. Last week Spartan
successfully completed its first horizontal well at Keystone (50% WI) with a 17
stage oil based frac. The well is expected to be on production in mid August.


The Company is revising its previously announced guidance for 2011 cash flow to
$6.2 million and its exit rate production to 1,050 boe/d. Following the
completion of the disposition (and assuming all of the outstanding arrangement
warrants are exercised), Spartan will have approximately $21 million of cash and
an available line of credit of $18.5 million.


Richard McHardy, President & CEO said, "The recent formation of the Company
through the Plan of Arrangement among Spartan Exploration Ltd., Penn West
Petroleum Ltd. and the Company made this an opportune time to rationalize
certain non-core properties that do not figure prominently in the growth plans
for the Company. The disposition provides Spartan with significant financial
flexibility and permits us to focus our financial and technical resources on our
core growth assets in Pembina and southeast Saskatchewan. The 2011 capital
program is designed to test a particular geological model for our Keystone
properties. With success, we will have the ability to increase our capital
program as deemed appropriate."


Spartan has access to 50.5 (42.6) net sections of Cardium rights in the Keystone
area of Pembina, consisting of 97.12% of the Keystone Cardium Unit No. 2
(Keystone 2), 25.26% of the Keystone Cardium Unit No. 1 (Keystone 1) and 10.5
(8.4 net) sections of non-Unit lands adjacent to Keystone 1 and 2. Spartan has
identified 188 (158 net) Cardium horizontal drilling locations on company lands,
based on conventional spacing of 4 wells per section.


In Saskatchewan, the Company has over 71 net sections of land in southeast
Saskatchewan that is prospective for Bakken and/or Mississippian targets.
Current activity is focused on the Company's plays at Torquay and Ceylon in
southeast Saskatchewan.


Arrangement Warrants

Spartan wishes to remind shareholders that the expiry date for the exercise of
the outstanding purchase warrants issued as part of the Plan of Arrangement
involving the Company, Penn West Petroleum Ltd. and Spartan Exploration Ltd. is
July 4, 2011.


Spartan Oil Corp.

The Company was recently formed to participate in the Plan of Arrangement
involving Spartan Exploration Ltd. and Penn West Petroleum Ltd. Based in
Calgary, Alberta, the Company is engaged in the business of acquiring crude oil
and natural gas properties and exploring for, developing and producing oil and
natural gas in western Canada. Spartan is uniquely positioned with a significant
position in two of the leading oil resource plays in western Canada, being the
Cardium light oil play in central Alberta and the Bakken light oil resource play
in southeast Saskatchewan.


READER ADVISORY

This press release contains certain forward-looking statements (forecasts) under
applicable securities laws relating to future events or future performance.
Forward-looking statements are necessarily based upon assumptions and judgements
with respect to the future including, but not limited to, the outlook for
commodity markets and capital markets, the performance of producing wells and
reservoirs, well development and operating performance, general economic and
business conditions, weather, the regulatory and legal environment and other
risks associated with oil and gas operations. In some cases, forward-looking
statements can be identified by terminology such as "may", "will", "should",
"expect", "projects", "plans", "anticipates" and similar expressions. These
statements represent management's expectations or beliefs concerning, among
other things, future operating results and various components thereof affecting
the economic performance of Spartan. Undue reliance should not be placed on
these forward-looking statements which are based upon management's assumptions
and are subject to known and unknown risks and uncertainties, including the
business risks discussed above, which may cause actual performance and financial
results in future periods to differ materially from any projections of future
performance or results expressed or implied by such forward-looking statements.
Accordingly, readers are cautioned that events or circumstances could cause
results to differ materially from those predicted. 


In the interest of providing Spartan shareholders and potential investors with
information regarding the Company, including management's assessment of
Spartan's future plans and operation, certain statements throughout this press
release constitute forward looking statements. All forward-looking statements
are based on the Company's beliefs and assumptions based on information
available at the time the assumption was made. The use of any of the words
"anticipate", "continue", "estimate", "expect", "may", "will", "project",
"should", "believe" and similar expressions are intended to identify forward
looking statements. By its nature, such forward-looking information involves
known and unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such forward
looking statements. Spartan believes the expectations reflected in those forward
looking statements are reasonable but no assurance can be given that these
expectations will prove to be correct and such forward looking statements
contained throughout this press release should not be unduly relied upon. These
statements speak only as of the date specified in the statements.  


In particular, this press release may contain forward looking statements
pertaining to the following:




--  the performance characteristics of the Company's oil and natural gas
    properties; 
--  oil and natural gas production levels; 
--  capital expenditure programs; 
--  the quantity of the Company's oil and natural gas reserves and
    anticipated future cash flows from such reserves; 
--  projections of commodity prices and costs; 
--  supply and demand for oil and natural gas; 
--  expectations regarding the ability to raise capital and to continually
    add to reserves through acquisitions and development; and 
--  treatment under governmental regulatory regimes. 



The material assumptions in making these forward-looking statements include
certain assumptions disclosed in the Company's most recent management's
discussion and analysis included in the material available on this press
release. 


The Company's actual results could differ materially from those anticipated in
the forward looking statements contained throughout this press release as a
result of the material risk factors set forth below, and elsewhere in this press
release:




--  volatility in market prices for oil and natural gas; 
--  liabilities inherent in oil and natural gas operations; 
--  uncertainties associated with estimating oil and natural gas reserves; 
--  competition for, among other things, capital, acquisitions of reserves,
    undeveloped lands and skilled personnel; 
--  incorrect assessments of the value of acquisitions and exploration and
    development programs; 
--  geological, technical, drilling and processing problems; 
--  fluctuations in foreign exchange or interest rates and stock market
    volatility; 
--  failure to realize the anticipated benefits of acquisitions; 
--  general business and market conditions; and 
--  changes in income tax laws or changes in tax laws and incentive programs
    relating to the oil and gas industry. 



These factors should not be construed as exhaustive. Unless required by law,
Spartan does not undertake any obligation to publicly update or revise any
forward looking statements, whether as a result of new information, future
events or otherwise.


Barrels of oil equivalent (boe) may be misleading, particularly if used in
isolation. A boe conversion ratio of six thousand cubic feet (mcf) of natural
gas to one barrel (bbl) of oil is based on an energy conversion method primarily
applicable at the burner tip and is not intended to represent a value
equivalency at the wellhead. All boe conversions in this press release are
derived by converting natural gas to oil in the ratio of six thousand cubic feet
of natural gas to one barrel of oil. Certain financial amounts are presented on
a per boe basis, such measurements may not be consistent with those used by
other companies.