ProspEx Announces Closing of Disposition of Brazeau Assets

CALGARY, Dec. 21 /CNW/ - ProspEx Resources Ltd. ("ProspEx" or the "Company") today announced that it has closed its previously announced sale of assets in the Brazeau area in West Central Alberta. These assets consist of 6,240 gross acres (4,954 net acres) of rights to shallower zones in Brazeau, including the Cardium rights. There are no wells, production or reserves associated with the transaction. The consideration paid to ProspEx was $8.1 million, prior to closing adjustments. The disposition had an effective date of November 23, 2010.

ProspEx Resources Ltd. is a Calgary-based junior oil and gas company focused on exploration for natural gas in the Western Canadian Sedimentary Basin.

For further information: John Rossall, President & CEO, or George Yee, Vice President Finance & Chief Financial Officer, at [email protected] or [phone]