Mr. Robert Dinning reports

SIMBA ENERGY INC. CLOSES NON-BROKERED PRIVATE PLACEMENT

Simba Energy Inc. has completed a non-brokered private placement involving the sale of up to 15 million units at a price of three cents each. Each unit will consist of one common share and one-half of a non-transferable common share purchase warrant, with each full warrant exercisable for a period of two years from the closing date at a price of five cents per share, to raise gross proceeds of up to $450,000. No finders' fees or commissions will be paid in connection with the placement.

Net proceeds from the private placement will be used toward financing and exploration commitments associated with the company's production-sharing contracts, payment of certain trade payables, and for general working capital purposes.

Closing of the private placement is subject to receipt of all regulatory approvals, including the approval of the TSX Venture Exchange. The shares will be subject to a hold period of four months and one day from the date of issue of the shares.