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December 17, 2010 at 10:00 AM EST
Vitruvian Exploration Closes $130 Million Units Offering

Vitruvian Exploration, LLC (“Vitruvian” or the “Company”) today announced that it has closed its private offering of $130 million aggregate principal amount Senior Secured Notes due 2015 (the “Notes”). The Notes will bear interest at a rate of 12% and are secured by assets securing Vitruvian’s amended revolving credit facility. Additionally, warrants exercisable for Class A units representing membership interests in Vitruvian were issued to each purchaser of the Notes (the “Warrants” and, together with the Notes, the “Units”).

Vitruvian is using the net proceeds from the Units offering to repay all of the existing indebtedness under its amended revolving credit facility, to fund a portion of planned capital expenditures for lease acquisitions and drilling in 2011 and 2012, and for general corporate purposes. Vitruvian Chairman, President and CEO Richard F. Lane stated, “This offering strengthens our balance sheet and positions the Company to accelerate our pursuit of the ideas generated by our talented technical team.”

The Notes and the Warrants have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws; and unless so registered, these securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

This press release is neither an offer to sell nor a solicitation of an offer to buy the Units or any other securities and shall not constitute an offer to sell or a solicitation of an offer to buy, or a sale of, the notes or any other securities in any jurisdiction in which such offer, solicitation or sale is unlawful.

About Vitruvian Exploration

Vitruvian Exploration, LLC is an independent oil and natural gas company engaged in the exploration, development and production of onshore unconventional energy resources with a forward emphasis on unconventional and exploitation oil resource plays. Currently, Vitruvian is involved in onshore operations in West Virginia, Alabama and Mississippi. Vitruvian’s corporate offices are located in The Woodlands, Texas.


Vitruvian Exploration, LLC
Investor Relations, 832-458-3100
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