Crew Energy Announces Closing of Strategic Transactions in

Crew Energy Announces Closing of Strategic Transactions in Northeast
British Columbia 
CALGARY, ALBERTA -- (Marketwire) -- 12/21/12 -- Crew Energy Inc.
("Crew" or the "Company") (TSX:CR) of Calgary, Alberta is pleased to
announce that it has closed the previously announced asset
transactions resulting in the further strategic consolidation of
Montney lands within the Septimus/Groundbirch corridor proximal to
Company infrastructure. The transactions had an effective date of
December 1, 2012 and resulted in net proceeds to the Company of $86
million before closing adjustments. The net proceeds were used to
reduce bank indebtedness. 
The closing of these transactions builds upon Crew's strategy of
continuing to consolidate a significant resource base in northeast
British Columbia at a reasonable cost and maintaining the Company's
liquids growth objectives. Crew's northeast British Columbia Montney
ownership now exceeds 150,000 net acres and the Company has an
exclusive option to purchase an additional 140 sections (91,000 net
acres) of land principally located in the Altares and Attachie
liquids rich areas of the Montney play. 
Crew is an oil and gas exploration and production company whose
shares are traded on the Toronto Stock Exchange under the trading
symbol "CR". 
Crew Energy Inc.
Dale Shwed
President and C.E.O.
(403) 231-8850 
Crew Energy Inc.
John Leach
Senior Vice President and C.F.O.
(403) 231-8859 
Crew Energy Inc.
Rob Morgan
Senior Vice President and C.O.O.
(403) 513-9628
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