CR Crew Energy Inc

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

Crew Energy Inc. ("Crew" or the "Company") (TSX:CR) is pleased to announce that
it has entered into an agreement with a syndicate of underwriters led by
Macquarie Capital Markets Canada Ltd. (the "Underwriters") pursuant to which the
Underwriters have agreed to purchase on a bought deal basis 4,820,000 common
shares ("Common Shares") of Crew at a price of $20.75 per Common Share for
aggregate gross proceeds of approximately $100.0 million. Crew has also granted
the Underwriters an over-allotment option to purchase, on the same terms, up to
an additional 723,000 Common Shares for additional gross proceeds of up to $15.0
million exercisable by the Underwriters, in whole or in part, at any time up to
30 days following closing of the offering to cover the Underwriters'
over-allotments, if any. 


Proceeds of the offering will be used to initially reduce outstanding
indebtedness under Crew's credit facilities, thereby freeing up additional
borrowing capacity to fund a portion of Crew's ongoing capital program and for
general working capital purposes. Subject to completion of the offering, the
Company plans to increase its previously announced 2011 capital budget of $210
million by an additional $50 million, the majority of which capital program is
directed to Crew's core oil property at Princess Alberta. Completion of the
offering, along with additional available borrowing capacity under the Company's
credit facilities which have been increased to $240 million, will provide Crew
with additional financial flexibility to fund and accelerate its exploration and
development program, as well as for potential strategic acquisitions which the
Company may enter into from time to time as opportunities arise.


The Common Shares will be offered in certain provinces of Canada (except Quebec)
by way of a short form prospectus. Closing is expected to occur on or about
March 2, 2011 and is subject to certain customary conditions including, but not
limited to, the receipt of all necessary regulatory approvals including the
approval of the Toronto Stock Exchange.


The securities offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful. 


This press release contains forward-looking statements and forward-looking
information within the meaning of applicable Canadian securities legislation
(collectively, "forward-looking statements"). Specifically, this press release
contains forward-looking statements relating to completion of the offering, the
planned increase in Crew's 2011 capital program, the use of the net proceeds of
the offering, the filing of the short form prospectus and the closing date of
the offering. Although Crew believes that the expectations reflected in these
forward looking statements are reasonable, undue reliance should not be placed
on them because Crew can give no assurance that they will prove to be correct.
Since forward looking statements address future events and conditions, by their
very nature they involve inherent risks and uncertainties. The closing of the
offering could be delayed if Crew is not able to obtain the necessary regulatory
and stock exchange approvals on the timelines it has planned. The offering will
not be completed at all if these approvals are not obtained or some other
condition to the closing is not satisfied. Accordingly, there is a risk that the
offering will not be completed within the anticipated time or at all. The
intended use of the net proceeds of the offering by Crew might change if the
board of directors of Crew determines that it would be in the best interests of
Crew to deploy the proceeds for some other purpose. The forward-looking
statements contained in this press release speak only as of its date and are
expressly qualified by this cautionary statement. These forward-looking
statements are based on certain key assumptions regarding, among other things,
the timing of obtaining regulatory approvals. The reader is cautioned that such
assumptions, although considered reasonable by Crew at the time of preparation,
may prove to be incorrect. 


The forward looking statements contained in this press release are made as of
the date hereof and Crew undertakes no obligations to update publicly or revise
any forward looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.

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