Griffiths Energy International Inc. Announces Closing of $125 Million Private Placement

NOT FOR DISSEMINATION IN THE UNITED STATES

CALGARY, March 14, 2012 /CNW/ - Griffiths Energy International Inc. ("Griffiths Energy" or the "Company") is pleased to announce it has closed the previously announced private placement equity financing (the "Private Placement"). The Company issued 20,840,000 million common shares at an issue price of $6.00 per share for gross proceeds of $125,040,000.  Net proceeds from the Private Placement will be used to advance the Company's oil operations in the Republic of Chad.

The Private Placement was completed through a syndicate of agents co-led by Canaccord Genuity Corp., Dundee Securities Ltd. and GMP Securities L.P., and also included FirstEnergy Capital Corp.

About Griffiths Energy International Inc.

Based in Canada, Griffiths Energy is an international exploration and development company focused on oil and gas exploration, development and production activities in the Republic of Chad, Africa.  In 2011, the Company acquired three Production Sharing Contracts (the "PSCs") from the government of the Republic of Chad. These PSCs provide exclusive rights to explore and develop reserves and resources over a combined area of 26,103 km² in southern Chad. The PSCs cover two world class oil basins with development opportunity, oil discoveries, and numerous exploration prospects.

Forward-Looking Statements and General Advisory

Certain information in this press release constitutes forward-looking statements under applicable securities law. Any statements that are contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may," "should," "anticipate," "expects," "seeks" and similar expressions. Specific forward-looking statements included in this press release include comments related to the use of proceeds of the Private Placement.

United States Advisory

This press release shall not constitute an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") and may not be offered or sold in the United States unless the securities are registered under the U.S. Securities Act, or an exemption from the registration requirement of that  Act is available.

Gary Guidry
President and Chief Executive Officer
Griffiths Energy International Inc.
403 724-7211
[email protected]

Trevor Peters
Chief Financial Officer
Griffiths Energy International Inc.
403 724-7228
[email protected]

Media:

Alan Bayless, Longview Communications
604-694-6035

Joel Shaffer, Longview Communications
416-649-8006