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Information Releases

August 27, 2010

Laricina Energy Closes Two Equity Financings for Total Gross Proceeds of $76.2 Million


NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW.

Laricina Energy Ltd. (Laricina or the Company) is pleased to announce that it has completed today a private placement to a wholly-owned subsidiary of Korea Investment Corporation (KIC) of 1,666,000 common shares at Cdn. $30.00 per common share for gross proceeds of approximately Cdn. $50 million.

On July 28, 2010, Laricina completed a private placement of 846,933 common shares and a non-brokered offering of 27,921 common shares, both at a price of Cdn. $30.00 per common share for gross proceeds of approximately Cdn. $26.2 million. The addition of the KIC private placement financing increases the total gross proceeds raised to Cdn. $76.2 million.

Both private placement offerings were completed on a brokered basis with a syndicate of agents co-led by Peters & Co. Limited and RBC Capital Markets.

Macquarie Capital Markets Canada Ltd. acted as financial advisor to KIC.

The introduction of this new capital together with the $250 million in capital secured in early July provides Laricina with substantial flexibility and confidence in managing capital requirements through 2011. Laricina expects to use these proceeds to further develop the Company’s assets, in particular the construction and development of the Germain 5,000 barrel per day commercial demonstration project, regulatory work for future expansion phases at Germain and Saleski and for general corporate purposes. The regulatory amendment to enlarge the Germain project to 5,000 barrels of bitumen per day and incorporate solvents is well underway with approval expected in the third quarter of 2010. With financing in place, Laricina will begin ordering equipment and prepare for construction in the first quarter of 2011 with first steam to occur in the second half of 2012.

About Korea Investment Corporation

KIC is a government-owned investment management company established in 2005 to manage assets entrusted by the Government of Korea and the Bank of Korea. KIC in headquartered in Seoul, Korea and has been designed to be run commercially and independently with the aim to enhance sovereign wealth and contribute to the development of the domestic financial industry. The Korea Investment Corporation Act emphasizes and ensures KIC’s independence with regard to its organization and 2 investment management. KIC invests in public and private equities, bonds, realestate, alternative assets, foreign currencies and derivatives. For more information about KIC, please visit www.kic.go.kr/en/.

About Laricina Energy Ltd.
Laricina is a privately-held, Calgary-based company concentrating on capturing opportunities in the oil sands areas of western Canada. The Company is creating value through developing a diverse portfolio of oil sands assets using current and future innovations of in situ technology. Laricina has identified five core areas that have production potential in excess of 500,000 gross barrels of bitumen per day from a large concentrated resource base with approximately 4.6 billion barrels net recoverable bitumen. These assets range from the familiar oil sands in the McMurray formation to less developed and less mature Grand Rapids, and Grosmont and Winterburn carbonate plays, all of which offer significant resource potential.

Forward-Looking Statements
This press release contains certain “forward-looking statements” within the meaning of such statements under applicable securities law including but not limited to the use of proceeds from the private placements and regulatory approvals for its projects. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “estimate”, “intend”, “believe”, “anticipate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking statements are based on Laricina’s experience and current beliefs as well as assumptions made by, and information currently available to, Laricina, and are subject to a variety of risks and uncertainties including, but not limited to, those associated with resource definition, unanticipated costs and expenses, regulatory approvals, fluctuating oil and gas prices, and the ability to access sufficient capital to finance future acquisitions and development. Although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the assumptions and factors discussed in this press release are not exhaustive and readers are not to place undue reliance on forward-looking statements. Laricina disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, subsequent to the date of this message, except as required under applicable securities legislation. The forward-looking statements are expressly qualified by these cautionary statements.

Laricina’s common shares are not traded on any stock exchange in Canada and thus are not subject to regulation by any Canadian stock exchange. Laricina’s securities have not been and will not be registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of such Act. As a result, Laricina is not presently subject to the reporting, certification or other requirements imposed on U.S. registered issuers under, among other things, U.S. Sarbanes-Oxley Act of 2002.

This release is provided for information purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common shares in any jurisdiction (including the United States) in which such offer, solicitation or sale would be unlawful.

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