TriOil announces closing of $28,756,614 financing

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, Oct. 4, 2012 /CNW/ - TriOil Resources Ltd. ("TriOil" or the "Company" -TSXV: TOL) is pleased to announce that it has closed its previously announced offering ("Offering") of 7,845,000 class A shares ("Common Shares") at a price of $2.55 per Common Share and 2,917,288 Common Shares to be issued on a "flow-through" basis (the "Flow-Through Shares") at a price of $3.00 per Flow-Through Share through a syndicate of underwriters co-led by Canaccord Genuity Corp. and GMP Securities L.P. and including Dundee Securities Ltd., TD Securities Inc., AltaCorp Capital Inc., Haywood Securities Inc., Cormark Securities Inc., Raymond James Ltd., and Desjardins Securities Inc. for gross aggregate proceeds of $28,756,614.

TriOil will use the net proceeds from the Offering to expand and accelerate its capital program focused on the Company's Cardium light oil drilling program at Lochend and the emerging Dunvegan light oil resource play at Kaybob, as well as for general corporate purposes.

TriOil is a Calgary, Alberta based company engaged in the exploration, development and production of petroleum and natural gas. TriOil has approximately 64.0 million common shares issued and outstanding (70.1 million fully diluted). The common shares of TriOil trade on the TSX Venture Exchange under the symbol TOL.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward-Looking Statements

Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. More particularly, this press release contains statements concerning TriOil's intended use of proceeds from the Offering. This forward looking information includes, among other things, information with respect to the Company's beliefs, plans, expectations, anticipations, estimates and intentions and the activities of the Company after the Offering. The words "intend", "expect", "will" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes the Company's expectations as of the date of this news release.

The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, risks arising from general economic conditions and adverse industry events, risks arising from operations generally, reliance on contractual rights such as licenses and leases in the conduct of its business, reliance on third parties, reliance on key personnel, possible failure of the business model or business plan or the inability to implement the business model or business plan as planned, competition, environmental matters, and insurance or lack thereof.

The Company cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. The Company has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

The forward-looking statements contained in this press release are made as of the date hereof and TriOil undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither the 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.

SOURCE: TriOil Resources Ltd.

Russell J. Tripp, President & CEO, TriOil Resources Ltd.; Cheryne Lowe, VP Finance & CFO, TriOil Resources Ltd.; Andrew Wiacek, VP Exploration, TriOil Resources Ltd.; Corporate Phone: [phone].