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Avatar Energy Ltd. Announces Joint Venture to Develop Cardium Lands and Update to Private Placement

Avatar Energy Ltd. (AVG.V), which is trading near to a year low 12.5 cents, announced that it has entered into a joint venture agreement with a major Pembina Cardium player to jointly develop its east Pembina acreage. It anticipates spudding the first joint well in the first quarter of 2012.

Avatar also provided an update on its previously announced non-brokered private placement financing. It said aggregate gross proceeds from the financing will be approximately $174,500 subject to final acceptance by the TSX Venture Exchange.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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