Austin Exploration Ltd. - 2012-02-22

Raised approximately US$20 million through a placement of up to approximately 690 million ordinary shares at US$0.029 cents per share to domestic and international institutional and sophisticated investors. The company plans to use funds to drill and complete two vertical wells on its Eagle Ford shale project, and complete the recently drilled well on the Eagle Ford project; drill and complete a single horizontal well in the most prospective of the first three vertical wells drilled on the Eagle Ford project; drill and complete two horizontal wells on the company's Niobrara shale project; and drill and complete one well at Austin's Mississippi Wilcox project.