Dundee Energy Limited Announces Completion of $8.9 Million Fully Subscribed Rights Offering

Dundee Energy Limited Announces Completion of $8.9 Million Fully Subscribed 
Rights Offering 
TORONTO, ONTARIO -- (Marketwired) -- 04/05/13 -- Dundee Energy
Limited ("Dundee Energy" or the "Corporation") (TSX:DEN) announces
today that it has completed its previously announced rights offering
(the "Rights Offering"), which expired on April 4, 2013. The Rights
Offering was fully subscribed raising gross proceeds to the
Corporation of $8,886,745. The Corporation will issue an aggregate of
5,734,067 common shares and 17,787,596 "flow-through" common shares
(collectively, the "Rights Shares"). The Rights Shares are issuable
to eligible persons who exercised rights issued under the Rights
Offering, as described in the rights offering circular of the
Corporation dated February 27, 2013 (the "Circular"), a copy of which
is available under the Corporation's profile on SEDAR at
www.sedar.com.  
The proceeds of the Rights Offering will be used as described in the
Circular. Following the issuance of the Rights Shares, the
Corporation will have 188,173,310 common shares issued and
outstanding.  
ABOUT THE CORPORATION  
Dundee Energy Limited is a Canadian-based oil and natural gas company
with a mandate to create long-term value for its shareholders through
the exploration, development, production and marketing of oil and
natural gas, and through other high impact energy projects. Dundee
Energy holds interests, both directly and indirectly, in the largest
accumulation of producing oil and gas assets in Ontario, in the
development of an offshore underground natural gas storage facility
in Spain and, through a preferred share investment, in certain
exploration and evaluation programs for oil and natural gas offshore
Tunisia. The Corporation's common shares trade on the Toronto Stock
Exchange under the symbol "DEN".  
FORWARD-LOOKING INFORMATION  
Certain information set forth in this news release contains
forward-looking statements. Forward-looking statements are statements
that are predictive in nature, depend upon or refer to future events
or conditions or include words such as "expects", "anticipates",
"intends", "plans", "believes", "estimates" or similar expressions.
By their nature, forward-looking statements are subject to numerous
risks and uncertainties, some of which are beyond the Corporation's
control, including: exploration, development and production risks;
uncertainty of reserve estimates; reliance on operators, management
and key personnel; cyclical nature of the business; economic
dependence on a small number of customers; additional funding that
may be required to execute on exploration and development work; the
ability to obtain, sustain or renew licenses and permits; risks
inherent to operating and investing in foreign countries;
availability of drilling equipment and access; industry competition;
environmental concerns; climate change regulations; volatility of
commodity prices; hedging activities; potential defects in title to
properties; potential conflicts of interest; changes in taxation
legislation; insurance, health, safety and litigation risk; labour
costs and labour relations; geo-political risks; risks relating to
management of growth; aboriginal claims; volatility of the
Corporation's share price; royalty rates and incentives; regulatory
risks relating to oil and natural gas exploration; marketability and
price of oil and natural gas; failure to realize anticipated benefits
of acquisitions and dispositions; information system risk; and other
risk factors discussed or referred to in the section entitled "Risk
Factors" in the Corporation's Annual Information Form for the year
ended December 31, 2012 and the section entitled "Risk Factors" in
the Rights Offering Circular.  
Readers are cautioned that the assumptions used in the preparation of
such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements. The Corporation's
actual results, performance or achievement could differ materially
from those expressed in, or implied by, these forward-looking
statements and, accordingly, no assurance can be given that any of
the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what benefits the
Corporation will derive from them. The Corporation disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events or
otherwise, except as required by law.
Contacts:
Dundee Energy Limited
c/o Dundee Corporation
21st Floor, Dundee Place
1 Adelaide Street East
Toronto, ON M5C 2V9 
Dundee Energy Limited
Jaffar Khan
President & CEO
(403) 264-4985
(403) 262-8299 (FAX)
www.dundee-energy.com