Probe Resources Ltd. (the "Company" or "Probe") (TSX VENTURE:PBR) announces that
pursuant to the order approving confirmation of its Joint Chapter 11 Plan and
the occurrence of the Plan's Effective Date, the Company emerged from its
Chapter 11 bankruptcy filing effective April 15, 2011.


In conjunction with the conclusion of its Chapter 11 proceedings, the Company
has realigned the Board of Directors of the Company (the "Board"). The Board
will be comprised of Mr. Paul Crilly (Chairman), Mr. David Heden, Mr. Bill Gray,
Mr. Richard Buski and Mr. David Elgie.


In addition, the Board has appointed a new executive team headed by Mr. David
Elgie as President and Chief Executive Officer and Mr. John Boylan as Chief
Financial Officer. Mr. Elgie, a Chemical Engineer from the University of British
Columbia has 30 years of oil and gas exploration and production experience in
North America, recently as CEO of Cordero Energy, a TSX traded exploration and
production company he founded in 2005. Mr. Boylan has 16 years of experience in
the finance and management of oil and gas assets. He has served as a financial
consultant for companies operating in the Gulf of Mexico since 2008. He has
public company experience serving on boards of two listed companies, received
his MBA from New York University and his BBA from The University of Texas. 


The Company will now move expeditiously to complete the necessary financial and
regulatory filings to re-list on the TSX Venture Exchange. As a result of the
debt restructuring plan, K2 Principal Fund LP and certain other creditors have
agreed to a conversion of some of their debt holdings in the Company to common
shares. 


The Board has also endorsed a monthly contracting arrangement with Pisces Energy
LLC of New Orleans, Louisiana ("Pisces") whereby Pisces will supply the
operational, regulatory and accounting requirements for the Company. This will
substantially reduce the Company's overhead costs in the near term and permit
the executive team to focus on growth opportunities. 


The Company is currently producing approximately 300 barrels oil equivalent from
three platforms on the continental shelf in the Gulf of Mexico. Production is
primarily natural gas. A review is being undertaken to prioritize the Company's
numerous exploration and exploitation opportunities, and plans are currently
underway to conduct a completion of an existing wellbore at East Cameron 246.
This well, drilled in 2009, has an estimated initial production rate of 6.0
mmscf/d and proved plus probable reserves of 6.6 bcf net to the Company. 


The Board would also like to announce the conclusion of the engagement of Coy
Gallatin, Senior Vice-President of Energy Spectrum Advisers Inc. and the Chief
Restructuring Officer of Probe, and thank him for his tireless service to the
Company during these proceedings. 


This news release does not constitute an offer to sell or a solicitation of an
offer to buy any of the Company's securities in the United States. The Company's
securities have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "US Securities Act) or any state
securities laws and may not be offered or sold within the United States or to
U.S. persons unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is available.


Statements in this press release may contain forward-looking information which
is subject to important risks and uncertainties, such forward-looking
information includes expectations of future operations (including drill rig
commitments and use of proceeds), commerciality of any hydrocarbon discovered,
production rates, operating costs, commodity prices, administrative costs,
commodity price risk, management activity, acquisitions and dispositions,
capital spending, access to credit facilities, income and oil taxes, regulatory
changes, relisting on the TSX Venture Exchange and other components of cash flow
and earnings. The reader is cautioned that assumptions used in the preparation
of such information may prove to be incorrect. Events or circumstances may cause
actual results to differ materially from those predicted, a result of numerous
known and unknown risks, uncertainties, and other factors, many of which are
beyond the control of the Company. These risks include, but are not limited to,
the risks associated with the oil and gas industry, commodity prices, and
exchange rate changes. Industry related risks could include, but are not limited
to, operational risks in exploration, development and production, delays or
changes in plans, risks associated with the uncertainty of reserve estimates, or
reservoir performance, health and safety risks and the uncertainty of estimates
and projections of production, costs and expenses. The reader is cautioned not
to place undue reliance on this forward-looking information. The Company
disclaims any intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events or otherwise,
except as required by law.
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