Lone Pine Resources Announces Non-Core Asset Dispositions

Lone Pine Resources Inc. ("Lone Pine" or the "Company")

announces that it has entered into two separate definitive agreements with private oil and gas companies to dispose of certain non-core assets in the Kaybob area of the Deep Basin for total gross cash proceeds of $19.0 million, subject to normal course closing adjustments. On a combined basis, these assets had current net sales volumes of approximately 3.4 MMcfe/d (82% natural gas) based on field estimates and total net estimated proved reserves of 11.1 Bcfe at December 31, 2011, determined in accordance with U.S. Securities and Exchange Commission guidelines.