Emerald Oil, Inc. signed a definitive agreement with affiliates of White Deer Energy, an energy private equity firm, to issue and sell a number of the Company's shares of common stock that, inclusive of the warrants held by White Deer, equals 19.9% of the Company's common stock outstanding immediately after the closing of the Company's previously announced proposed public offering at a purchase price per share equal to the net price per share of the proposed public offering, plus 0.95% of the gross price per share of the proposed public offering. The closing of this private placement is scheduled to occur within ten days business following the closing of the Company's proposed public offering.

The Company intends to use the net proceeds from this private placement, along with the net proceeds from the proposed public offering, cash on hand, cash flow from operations, proceeds from the sale of assets and additional borrowings under the Company's credit facility, to fund the Company's capital budget in 2013 and for general corporate purposes, including working capital.

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