Rift Energy Corp. announces the closing of a C$10million Private Placement

Not for dissemination to U.S. newswire services

TORONTO, Feb. 20, 2013 /CNW/ - Rift Energy Corp. ("Rift Energy" or "the Company") is pleased to announce the issuance of 2,500,000 common shares of the Company for gross proceeds of C$10,000,000 to Dhabi One Investment Services LLC, a private investment vehicle of a family office in Abu Dhabi, through a brokered Private Placement arranged by Hampton Securities Limited in Toronto.

The proceeds of this placement will be utilized to further Rift Energy's business development activities in east and central Africa, including the exploration program currently underway on Block L19 in Kenya.

Governor John H. Sununu, Chairman of Rift Energy, stated, "We are delighted to have completed this transaction which brings old friends to the table as new partners with whom we hope to work closely in developing further initiatives in east and central Africa. As part of our pan-African strategy we are also reviewing projects in a number of other east and central African countries, some of which are in an advanced stage of discussion."

Fred Zaziski, President and CEO of Rift Energy, stated, "We continue to make progress on our exploration program covering Block L19. The field work part of our Aerial Gravity and Magnetic Survey was recently completed and the data is now being processed. Once that is complete, we will embark on a significant 2D seismic program over Block L19 in order to determine the optimum location to drill an exploratory well."

About Block L19
As previously announced, Rift Energy acquired the oil and gas exploration rights to Block L19 on June 21, 2012. Block L19 encompasses approximately 12,000 KM² (2.9 million acres) onshore in southern Kenya beginning at the Tanzania border and flanked by the Indian Ocean to the east and extends approximately 160 km to the north. There has been only one well drilled on this block to date, the Ria Kaluli 1 well, which was drilled off structure to a depth of 1,538 meters in 1962 and was plugged after encountering oil shows in the Karoo formation.

About Rift Energy
Rift Energy is a privately owned early-stage Canadian oil and gas exploration company that is focused on acquiring oil and gas projects in east and central Africa. Our management team has a proven track record with regards to starting up successful international oil and gas projects. Rift Energy's strategy is to identify under-explored assets with high upside that, when exploited, will yield substantial value for its shareholders.

About Hampton Securities Limited
Hampton Securities Limited is a full service Canadian investment dealer with offices in Toronto, Hong Kong and Dubai. The firm's capital markets group is focused on the financing of international oil, gas and coal exploration companies, both private and publicly traded.

The common shares of Rift Energy have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and all applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the common shares in the United States or to, or for the account or benefit of, U.S. persons.

SOURCE: Rift Energy Corp.

http://www.riftenergycorp.com