Exile Resources Announces Closing of Private Placement

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TORONTO, Nov. 23 /CNW/ - Exile Resources Inc. (TSX-V: ERI) ("Exile" or the "Company"), a junior oil and gas exploration and production company, announced today the closing of their previously announced non-brokered private placement. The private placement was fully subscribed with Exile issuing 20,100,000 units ("Units") at $0.12 per Unit, for gross total proceeds of approximately $2.4 million. Each Unit consists of one common share of Exile and one full share purchase warrant (a "Warrant"). Each Warrant entitles the holder to acquire one additional common share of Exile for a period of 18 months at an exercise price of $0.25 per share, provided that if at any time after March 20, 2011, the closing price of the common shares of Exile on the principal market on which such shares trade exceeds $0.50 for any 30 consecutive business days, Exile may accelerate the Warrant expiry date to 30 days following the day on which Exile provides notice of such accelerated expiry to Warrant holders.

Insiders of Exile subscribed for an aggregate of 2,901,801 Units in the private placement.  All securities issued in connection with the private placement are subject to a statutory hold period expiring March 20, 2011.

Funds will be used for continued appraisal of the Rubai Licenses in Turkey, further evaluation of the Block 26 investment license in Zambia, and towards general working capital.

Common shares of Exile are listed and posted for trading on the TSX Venture Exchange. Closing of the Private Placement is subject to final TSX Venture Exchange approval.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States or any other jurisdiction outside of Canada, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "1933 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 1933 Act and applicable state securities laws or pursuant to an applicable exemption from the registration requirements of the 1933 Act and applicable state securities laws.

About Exile Resources Inc.

Exile Resources Inc. is engaged in the acquisition, exploration and development of crude oil and natural gas properties in existing and underdeveloped basins. The Company aims to identify and acquire interests in additional properties with a greater emphasis placed on exploration. Exile utilizes strategic partnership and joint ventures in order to fully realize the production potential of any asset it acquires. With significant experience and track record of success in international operations, the Company is pursuing additional prospects in Africa, Turkey and beyond, looking for opportunities that are early on in the exploration and development value chain. Please visit Exile Resources web site for further information: www.exileresources.com.

Forward-Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Exile Resources Inc. including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of estimates, currency fluctuations, independent actions of its joint venture partners, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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