CTI Caiterra International Energy Corp

CaiTerra International Energy Corporation ("CaiTerra" or the "Company") (TSX
VENTURE:CTI) is pleased to announce that it has signed a definitive purchase and
sale agreement to acquire certain undeveloped mineral rights in the Faust area
of Alberta (the "Faust Property") from First Mountain Exploration Ltd. ("First
Mountain") for the purchase price of approximately of $2.5 million in cash. 


The Faust Property is located just north of the prolific Swan Hills oil field
and south of the Town of Slave Lake. The lands forming the Faust Property are
Crown leases with varying expiry dates. In the event that the purchase and sale
is completed, CaiTerra expects to retain over 18,600 net acres (approximately 30
sections) of lands of interest and not subject to expiry for the next 3 years. 


The purchase and sale will require the approval of First Mountain's
shareholders, which approval First Mountain intends to obtain at its special
meeting to be held on December 14, 2012. Subject to receipt of such shareholder
approval and all regulatory approvals, including the approval of the TSX Venture
Exchange, the purchase and sale of the Faust Property is expected to close
before December 21, 2012, but in any event no later than December 31, 2012, or
such later date as the Company and First Mountain may agree upon. 


Details regarding the terms of the transaction are set out in the definitive
purchase and sale agreement which will be filed on the Company's profile on
SEDAR at www.sedar.com


Cautionary Statements

Completion of the transaction is subject to a number of conditions, including
but not limited to, TSX Venture Exchange acceptance and First Mountain
shareholder approval. The transaction cannot close until the required
shareholder approval is obtained. There can be no assurance that the transaction
will be completed as proposed or at all. The TSX Venture Exchange Inc. has in no
way passed on the merits of the proposed transaction and has neither approved
nor disapproved the contents of this press release.


A Note regarding Forward Looking Information

This press release contains forward-looking statements and forward-looking
information within the meaning of applicable securities laws. The use of any of
the words "will", "expects", "believe", "plans", "potential" and similar
expressions are intended to identify forward-looking statements or information.
More particularly and without limitation, this press release contains forward
looking statements and information concerning the anticipated closing date of
the purchase and sale transaction and the Company's anticipated interests in the
Faust Property. The Company cautions that there are no assurances or guarantees
that the transaction will be completed as proposed or at all. 


Although the Company believes that the expectations and assumptions on which
such forward looking statements and information are based are reasonable, undue
reliance should not be placed on the forward-looking statements and information
because the Company can give no assurance that they will prove to be correct.


Since forward-looking statements and information 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 risks
associated with the oil and gas industry in general such as 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 and resource estimates; the uncertainty of estimates and projections
relating to reserves, resources, production, costs and expenses; health, safety
and environmental risks; commodity price and exchange rate fluctuations;
marketing and transportation; loss of markets; environmental risks; competition;
incorrect assessment of the value of acquisitions; failure to realize the
anticipated benefits of acquisitions; ability to access sufficient capital from
internal and external sources; changes in legislation, including but not limited
to tax laws, royalties and environmental regulations, actual production from the
acquired assets may be greater or less than estimates; failure to obtain the
necessary regulatory approval, stock exchange and other regulatory approvals on
the timelines planned. Management has included the above summary of assumptions
and risks related to forward looking information provided in this press release
in order to provide security holders with a more complete perspective on the
Company's future operations and such information may not be appropriate for
other purposes. 


The forward-looking statements and information contained in this press release
are made as of the date hereof and the Company 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
CaiTerra International Energy Corporation
Craig Robson
Chief Executive Officer and Director
(778) 329-9629

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