Amarok Energy Inc. Announces Amended Financing Terms

CALGARY, ALBERTA--(Marketwire - Dec. 20, 2012) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES OF AMERICA

Amarok Energy Inc. (TSX VENTURE:AMR) ("Amarok") announced today that it has amended the terms of its previously announced public offering (the "Offering") of common shares of the Corporation ("Common Shares") to change the offering price from $0.36 to $0.30 per Common Share. The amended terms of the Offering provide for the issuance of a minimum of 50,000,000 Common Shares and a maximum of 66,666,667 Common Shares at a price of $0.30 per share for minimum gross proceeds of $15 million and maximum gross proceeds of $20 million. The Offering is being conducted by Integral Wealth Securities Limited on a best efforts agency basis on its own behalf and on behalf of a syndicate that includes Dundee Securities Ltd. and PI Financial Corp. (collectively, the "Agents") pursuant to a short form prospectus filed in Alberta, British Columbia, Manitoba and Ontario.

The Agents have the option, exercisable for a period of 30 days following the closing of the Offering, to increase the Offering by up to an additional 15% of the total number Common Shares sold at the issue price. The Offering is subject to all customary conditions and regulatory approvals, including that of the TSX Venture Exchange.

The net proceeds of the Offering are intended to be used by Amarok to fund further exploration and development, land acquisition and for general working capital purposes.

Amarok is a Calgary, Alberta based corporation engaged in the exploration, development and production of petroleum and natural gas in highly structured play fairways of North America and Colombia.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Advisory Regarding Forward-Looking Information

Certain statements contained in this release constitute forward-looking information. These statements relate to future events or Amarok's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts, are intended to identify forward-looking information and are based on Amarok's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, Amarok's stated expectation as to the completion of the Offering on the terms set forth herein and the use of proceeds therefrom contain forward-looking information. Such forward looking information involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond Amarok's control. Such assumptions, risks and uncertainties include, without limitation, those associated with, market conditions and obtaining the necessary regulatory and stock exchange approvals. The Offering will not be completed at all if these approvals are not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the Offering will not be completed within the anticipated time or at all. The intended use of the net proceeds of the Offering by Amarok might change if the board of directors of Amarok determines that it would be in the best interests of Amarok to deploy the proceeds for some other purpose. Amarok disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.

FOR FURTHER INFORMATION PLEASE CONTACT:
Amarok Energy Inc.
Dale Swanson
President and Chief Executive Officer
Tel: (403) 679-9170