Crew Energy Inc. ("Crew" or the "Company") (TSX:CR) of Calgary, Alberta is
pleased to announce two transactions in the Company's British Columbia Montney
resource play area of operations.


Through the combination of these two transactions, Crew will increase its
Montney land position from 130,748 net acres to over 150,000 net acres. The
Company is consolidating Montney lands within the Septimus/Groundbirch corridor
proximal to Company infrastructure and reducing the Company's net debt position
by approximately $86 million subject to closing adjustments.


Kobes Transaction

Crew has executed a definitive agreement to sell, for $108 million prior to
closing adjustments, approximately 15,800 net acres of liquids rich Montney land
in the Kobes area with current production of approximately 625 boe per day (29%
liquids) and one cased horizontal well awaiting completion which was expected to
add approximately 1,100 boe per day of production in January 2013. The lands
have proved developed producing reserves of 444 mboe, total proved reserves of
3,541 mboe, and proved plus probable reserves of 11,862 mboe as assigned by GLJ
Petroleum Consultants as at December 31, 2011. Future development capital of
$112.3 million was attributed to the proved plus probable reserve assignment.
This transaction has an effective date of December 1, 2012 and is expected to
close by December 28, 2012, subject to satisfaction of standard industry closing
conditions.


Septimus/Groundbirch Transaction

The second transaction involves assets that are contiguous to Crew's Septimus
area of operation and involves the purchase, for $22.0 million, of approximately
36,000 net acres of primarily liquids rich Montney rights, current production of
52 boe per day, proved developed producing reserves of 152 mboe, total proved
reserves of 1,077 mboe and proved plus probable reserves of 3,280 mboe assigned
by GLJ Petroleum Consultants as at December 31, 2011. Future development capital
of $26.1 million was attributed to the proved plus probable reserve assignment.
Crew has retained an exclusive option to purchase, by March 15, 2013, an
additional 140 sections of land, total proved reserves of 1,850 mboe and proved
plus probable reserves of 9,970 mboe, as assigned by GLJ Petroleum Consultants
effective December 31, 2011, for $56 million on the option lands. Future
development capital of $77 million was attributed to the proved plus probable
reserve assignment. The bulk of the reserves and land in the option area are in
the Altares and Attachie liquids rich areas of the Montney play. This option, if
exercised, is expected to close by March 31, 2013.


Transaction Rationale

These transactions are consistent with Crew's strategy of building a significant
resource base at a reasonable cost while maintaining a strong balance sheet.




--  Crew's balance sheet is improved with an $86 million net reduction of
    debt to an estimated year-end total debt forecast of $294 million
    assuming completion of both transactions; 
    
--  Crew's northeast British Columbia Montney ownership has increased by 16%
    to over 150,000 net acres. A map of the acreage acquired in the
    Septimus/Groundbirch transaction will be posted on the Company's
    website; 
    
--  The Kobes lands were purchased by Crew for $3.4 million resulting in
    significant value creation from the Kobes transaction; 
    
--  A greater concentration of lands proximal to Company infrastructure at
    Septimus and west Septimus/Groundbirch will result in enhanced economies
    of scale and improved economics; 
    
--  Crew's infrastructure and lands are situated to take advantage of our
    current "flow east" economic solution or can be re-directed for a "flow
    west" solution; 
    
--  Of the 36,000 net acres acquired in the first phase of the
    Septimus/Groundbirch transaction, approximately 29,000 net acres are in
    the "wet gas" window, most of which are in a "sweet spot" with expected
    yields of 45 to 59 bbls per mmcf of liquids (17% to 32% condensate),
    5,700 net acres are within the Montney "oil" window and 1,300 net acres
    are located within the "dry gas" window; 
    
--  The upper Montney at west Septimus/Groundbirch has thicknesses of 450 to
    525 feet compared to Septimus at 260 to 450 feet with a total Montney
    thickness of approximately 800 feet. While no horizontal wells have been
    drilled on the lands to date, the results from tests on several vertical
    wells located on the lands and reservoir quality as determined from
    petrophysical analysis are similar to vertical tests in significant high
    deliverability horizontal Montney developments nearby; 
    
--  Crew has identified and will continue to pursue additional Montney
    consolidation opportunities; 
    
--  The addition of the prospective lands will require the expansion of the
    Aux Sable Canada, Crew operated Septimus gas plant. 



Cautionary Statements

Forward-looking information and statements

This news release contains certain forward-looking information and statements
within the meaning of applicable securities laws. The use of any of the words
"expect", "anticipate", "continue", "estimate", "may", "will", "project",
"should", "believe", "plans", "intends", "forecast" and similar expressions are
intended to identify forward-looking information or statements. In particular,
but without limiting the foregoing, this news release contains forward-looking
information and statements pertaining to the following: completion of the asset
disposition and acquisition and the timing thereof; projected debt levels
including forecast 2012 year end net debt after closing of the transactions;
future development, exploration, acquisition and development activities and
related capital expenditures and the timing thereof; the total future capital
associated with development of reserves and resources; and methods of funding
our capital program.


Forward-looking statements or information are based on a number of material
factors, expectations or assumptions of Crew which have been used to develop
such statements and information but which may prove to be incorrect. Although
Crew believes that the expectations reflected in such forward-looking statements
or information are reasonable, undue reliance should not be placed on
forward-looking statements because Crew can give no assurance that such
expectations will prove to be correct. In addition to other factors and
assumptions which may be identified herein, assumptions have been made
regarding, among other things: that all conditions to closing of the
transactions are satisfied or waived; the impact of increasing competition; the
general stability of the economic and political environment in which Crew
operates; the timely receipt of any required regulatory approvals; the ability
of Crew to obtain qualified staff, equipment and services in a timely and cost
efficient manner; drilling results; the ability of the operator of the projects
in which Crew has an interest in to operate the field in a safe, efficient and
effective manner; the ability of Crew to obtain financing on acceptable terms;
field production rates and decline rates; the ability to replace and expand oil
and natural gas reserves through acquisition, development and exploration; the
timing and cost of pipeline, storage and facility construction and expansion and
the ability of Crew to secure adequate product transportation; future commodity
prices; currency, exchange and interest rates; regulatory framework regarding
royalties, taxes and environmental matters in the jurisdictions in which Crew
operates; the ability of Crew to successfully market its oil and natural gas
products. Included herein is an estimate of Crew's year-end net debt based on
assumptions as to cash flow, capital spending in 2012 and the other assumptions
utilized in arriving at Crew's 2012 capital budget. To the extent such estimate
constitutes a financial outlook, it is included herein to provide readers with
an understanding of estimated capital expenditures and the effect thereof on
debt levels and readers are cautioned that the information may not be
appropriate for other purposes.


The forward-looking information and statements included in this news release are
not guarantees of future performance and should not be unduly relied upon. Such
information and statements, including the assumptions made in respect thereof,
involve known and unknown risks, uncertainties and other factors that may cause
actual results or events to defer materially from those anticipated in such
forward-looking information or statements including, without limitation: changes
in commodity prices; changes in the demand for or supply of Crew's products;
unanticipated operating results or production declines; changes in tax or
environmental laws, royalty rates or other regulatory matters; changes in
development plans of Crew or by third party operators of Crew's properties,
increased debt levels or debt service requirements; inaccurate estimation of
Crew's oil and gas reserve and resource volumes; limited, unfavourable or a lack
of access to capital markets; increased costs; a lack of adequate insurance
coverage; the impact of competitors; and certain other risks detailed from
time-to-time in Crew's public disclosure documents (including, without
limitation, those risks identified in this news release and Crew's Annual
Information Form).


The forward-looking information and statements contained in this news release
speak only as of the date of this news release, and Crew does not assume any
obligation to publicly update or revise any of the included forward-looking
statements or information, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities laws.


BOE equivalent

Barrel of oil equivalents or BOEs may be misleading, particularly if used in
isolation. A BOE conversion ratio of 6 mcf: 1 bbl is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead. Given that the value ratio
based on the current price of crude oil as compared to natural gas is
significantly different than the energy equivalency of 6:1, utilizing a 6:1
conversion basis may be misleading as an indication of value.


Crew is an oil and gas exploration and production company whose shares are
traded on The Toronto Stock Exchange under the trading symbol "CR".


FOR FURTHER INFORMATION PLEASE CONTACT: 
Crew Energy Inc.
Dale Shwed
President and C.E.O.
(403) 231-8850
dale.shwed@crewenergy.com


Crew Energy Inc.
John Leach
Senior Vice President and C.F.O.
(403) 231-8859
john.leach@crewenergy.com


Crew Energy Inc.
Rob Morgan
Senior Vice President and C.O.O.
(403) 513-9628
rob.morgan@crewenergy.com
www.crewenergy.com

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