/NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION TO THE UNITED STATES/
CALGARY, Dec. 13, 2012 /CNW/ - Palliser Oil & Gas Corporation ("Palliser" or the "Company") (TSX-V:PXL) is pleased to announce that it has completed the sale on a non-brokered basis of 1,462,631 common shares of Palliser on a flow-through basis (the "Flow-through Shares") at an issue price of $0.82 per Flow-Through Share (the "Offering") resulting in gross proceeds of $1,199,357. Palliser has paid a finder's fees of an aggregate of $60,000 (6% on certain of the subscriptions) to net $1,139,357 from the Offering.
Proceeds from the issuance of the Flow-Through Shares under the Offering will be used by Palliser to incur Canadian exploration expenses (the "Qualifying Expenditures") prior to December 31, 2013. Palliser will renounce the Qualifying Expenditures to subscribers of the Flow-through Shares for the fiscal year ended December 31, 2012.