CALGARY, ALBERTA -- (MARKET WIRE) -- 12/19/12

Solara Exploration Ltd. (TSX VENTURE:SAA.A) ("Solara" or the "Company") advises that the Court of Queen's Bench of Alberta has appointed FTI Consulting Canada Inc. ("FTI") as receiver and manager over the assets, undertakings and property of the Company pursuant to a Receivership Order which was obtained today. The Company also advises that the Officers and Directors of the Company resigned and that the Company will remain halted and could be subject to a suspension of trading pursuant to the policies of the TSX Venture Exchange. Any inquiries with respect to the operations of the Company or its assets can be made to FTI at Bankers Hall, West Tower, 1000, 888 - 3rd Street SW, Calgary, Alberta, T2P 5C5 Attention: Deryck Helkaa, Senior Managing Director (telephone 403-444-5372) or Dustin Oliver (telephone 403-444-5383) or at Solara's office at the address and telephone number noted below.

108,710,732 Class A Common Shares

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Contacts:
Solara Exploration Ltd.
On Behalf of the Board of Directors
Ross O. Drysdale
Corporate Secretary
(403) 537-0458
ross@drysdalelaw.com

Solara Exploration Ltd.
1800, 444 - 5th Avenue SW
Calgary, Alberta, T2P 2T8