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Standard Exploration Ltd.- Announces Operations Update

CALGARY, ALBERTA -- (Marketwire) -- 11/21/12 -- Standard Exploration Ltd. ("Standard") (TSX VENTURE:SDE) announced on November 15, 2012 that it committed to drilling 2 wells prior to year end. The first well, an exploration well was drilled, abandoned and rig released on November 20, 2012. The well targeting the Mannville zone encountered the reservoir but was tight and not viable for commercial production. Total cost for the operation was approximately $350,000 of qualified Canadian Exploration Expenditures ("CEE') of which will be applied to the flow through commitment inherited with the Canadian Energy Exploration Inc. transaction.

Canadian Energy Exploration Inc., a wholly owned subsidiary of Standard Exploration, met the requirements within the flow through share regulations of the Canada Revenue Agency whereby small corporations can renounce up to $1,000,000 of Canadian Development Expenditures ("CDE") as CEE in a given calendar year to the participants of the flow through share offering.

The Corporation is a Canadian based oil and gas corporation with operations in Alberta, Canada and is traded on TSX Venture Exchange. The Corporation's public filings may be found at www.sedar.com.

This news release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States or to or for the account or benefit of U.S. persons (as such terms are defined in Regulation S under the United States Securities Act of 1933, as amended (the "U.S. Securities Act")), absent registration or an exemption from registration. The securities offered have not been and will not be registered under the U.S. Securities Act or any state securities laws and, therefore, may not be offered for sale in the United States, except in transactions exempt from registration under the U.S. Securities Act and applicable state securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that terms is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Standard Exploration Ltd.
Ronald P. Wiebe
President & Chief Executive Officer
(403) 262-4450
info@standardexploration.com

Macam Investor Relations
Cameron MacDonald
(403) 452-7940
(403) 984-4150 (FAX)
cmacdonald@macamgroup.com
www.macamgroup.com

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