ALBION PETROLEUM LTD. ("Albion" or the "Corporation") (TSX VENTURE:ABP.H) is
pleased to announce that has closed its previously announced non-brokered
private placement (the "Private Placement"), as described in more detailed in
Albion's press release dated February 8, 2012. Albion issued an aggregate of
4,761,000 common shares of the Corporation ("Common Shares") at a price of
$0.105 per Common Share for gross proceeds of $499,905. All securities issued
pursuant to the Private Placement are subject to a statutory 4 month hold period
expiring August 6, 2012. Proceeds of the Private Placement will be used to
identify and evaluate qualifying transactions and for general working capital.


Directors and officers participated in the Private Placement for total gross
proceeds of $210,000. The Corporation has determined that there are exemptions
available from the various requirements of TSX Venture Policy 5.9 and
Multilateral Instrument 61-101 for the issuance of these shares (Formal
Valuation - Issuer Not Listed on Specified Markets; Minority Approval - Fair
Market Value Not More Than $2,500,000).


Further to disclosure requirements of applicable securities laws, Mr. Benjamin
Hill acquired 1,100,000 Common Shares pursuant to the Private Placement,
approximately 10.22% of the issued and outstanding Common Shares (the "Hill
Transaction"). Mr. Hill now owns and controls 1,100,000 Common Shares. Mr. Hill
holds no additional securities of Albion. The Hill Transaction was made for
investment purposes. Mr. Hill may increase or decrease his investment in Albion
depending on market conditions or any other relevant factors. The Common Shares
issued pursuant to the Hill Transaction were distributed pursuant to the
exemptions from the prospectus and registration requirements set out in section
2.24 of National Instrument 45-106 - Prospectus and Registration Exemptions. Mr.
Hill will file a report under National Instrument 62-103 - The Early Warning
System of the Canadian Securities Administrators in connection with the Hill
Transaction.


Further to disclosure requirements of applicable securities laws, Mr. David A.
Shaw acquired 500,000 Common Shares pursuant to the Private Placement,
approximately 4.65% of the issued and outstanding Common Shares (the "Shaw
Transaction"). Mr. Shaw now owns and controls 1,631,334 Common Shares,
representing approximately 15.15% of the issued and outstanding Common Shares.
Mr. Shaw holds no additional securities of Albion. The Shaw Transaction was made
for investment purposes. Mr. Shaw may increase or decrease his investment in
Albion depending on market conditions or any other relevant factors. The Common
Shares issued pursuant to the Shaw Transaction were distributed pursuant to the
exemptions from the prospectus and registration requirements set out in section
2.3 of National Instrument 45-106 - Prospectus and Registration Exemptions. Mr.
Shaw will file a report under National Instrument 62-103 - The Early Warning
System of the Canadian Securities Administrators in connection with the Shaw
Transaction.


Further to disclosure requirements of applicable securities laws, Brewin
Nominees (Channel Islands) Limited ("Brewin") acquired 1,500,000 Common Shares
pursuant to the Private Placement, approximately 13.93% of the issued and
outstanding Common Shares (the "Brewin Transaction"). Brewin now owns and
controls 1,500,000 Common Shares, representing approximately 13.93% of the
issued and outstanding Common Shares. Brewin holds no additional securities of
Albion. The Brewin Transaction was made for investment purposes. Brewin may
increase or decrease its investment in Albion depending on market conditions or
any other relevant factors. The Common Shares issued pursuant to the Brewin
Transaction were distributed pursuant to the exemptions from the prospectus and
registration requirements set out in section 2.3 of National Instrument 45-106 -
Prospectus and Registration Exemptions. Brewin will file a report under National
Instrument 62-103 - The Early Warning System of the Canadian Securities
Administrators in connection with the Brewin Transaction.


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.