Anderson Energy Ltd. provides the following update of its strategic alternatives process.

Anderson has entered into an agreement to sell its Garrington and Ferrier Cardium oil and natural gas properties for $82 million effective August 1, 2013, subject to normal closing adjustments (the "Transaction"). In August, these properties produced approximately 1,000 BOED (65% oil & NGL). Closing of the Transaction is scheduled to occur by the end of October 2013.

Proceeds from the Transaction will initially be used to repay bank debt. On a pro forma basis at September 13, 2013, before closing adjustments, this would leave the Company with approximately $24 million in cash, assuming current drawn bank debt of $57 million and $1 million in transaction costs.

The properties to be sold represent approximately 34% of the Company's 2013 second quarter BOED production.

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