BOR Border Petroleum Limited

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./ TSX Venture: BOR CALGARY, Dec. 14, 2011 /CNW/ - Border Petroleum Corp. ("Border" or the "Corporation") is pleased to announce that the underwriters of its recent short form prospectus offering (the "Offering") have exercised the full over-allotment option and have purchased an additional 12,150,000 common shares of the Corporation (the "Common Shares") at a price of $0.21 per share for gross proceeds of $2,551,500 (the "Over-Allotment Option"). The syndicate for the Offering was led by Canaccord Genuity Corp. and included Macquarie Capital Markets Canada Ltd., National Bank Financial Inc., Dundee Securities Ltd., Haywood Securities Inc. and Fraser Mackenzie Limited (collectively, the "Underwriters"). The Underwriters received a fee of 6% of the gross proceeds of the Over-Allotment Option and compensation options entitling the Underwriters to purchase 243,000 Common Shares at an exercise price of $0.21 per share for a period of 12 months from the closing of the Over-Allotment Option. The net proceeds of the Offering, including the Over-Allotment Option, will be used primarily to fund Border's 2011 and 2012 capital program including the Corporation's Slave Point horizontal drilling program in the Red Earth area of Alberta. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Warning The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction. Forward-Looking Statements Certain statements in this news release, including statements regarding Border's intended use of proceeds from the Offering, constitute forward-looking statements. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by Border, including with respect to, expectations and assumptions concerning timing of receipt of required regulatory approvals. Although Border believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Border can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The forward-looking statements contained in this document are made as of the date hereof and Border undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws. Border Petroleum CONTACT: Kelly KimbleyPresident & CEO2000, 840 - 7th Avenue SWCalgary, AB T2P 3G2Telephone: (403) 538-8450

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