Artisan Energy Completes Initial Closing of Convertible Debentures

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES.


Artisan Energy Corporation ("Artisan" or the "Corporation") (TSX VENTURE:AEC) is
pleased to announce that it has completed a first closing of the previously
announced brokered private placement of Convertible Debentures (the "Offering"),
lead by Richardson GMP Limited.


Artisan issued Convertible Debentures for net proceeds of $5.062 million ($5.362
gross proceeds less $300,000 paid in cash commissions). Net proceeds from this
closing will be used to fund the Corporation's working capital deficiency and to
conduct some minor operations.


The Convertible Debentures have a maturity date of May 31, 2017, bear an annual
interest rate of 9% to be paid quarterly and are convertible into common shares
of Artisan at $0.60 at any time prior to expiry or redemption. Artisan may
redeem the Convertible Debentures without penalty at any time, however
regardless of any such early redemption Artisan will be committed to payment of
a minimum of 18 months of interest.


Additional closings for gross proceeds from the Offering of up to $8.0 million
may occur at subsequent dates, and the net proceeds from any additional closings
will be used to conduct minor operations and to re-pay the Corporation's
currently outstanding loan facility, which is drawn to approximately $3.7
million. Artisan may pay a cash commission of 6% on the gross value of
subscriptions introduced to the Corporation by eligible parties.


This news release does not constitute an offer to sell or the solicitation of an
offer to buy any securities in any jurisdiction, including, but not limited to,
the United States. The common shares of Artisan Energy Corporation referred to
herein have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state
securities laws, and may not be offered or sold in the United States except in
certain transactions exempt from the registration requirements of the U.S.
Securities Act and applicable state securities laws.


About Artisan

Artisan is an oil and gas producer that holds near a 100% working interest in
26,732 core acres of land in Central and S.E. Alberta. Artisan has development
oil projects at Ferrybank and Chip Lake, Alberta. Ferrybank is targeting Belly
River oil production and Chip Lake is targeting Rock Creek oil production.
Artisan also has a Sawtooth development oil project in S.E. Alberta, a Wilrich
gas and Banff oil exploration project in Central Alberta and is pursuing and
testing Banff oil potential on various lands in S.E. Alberta, having drilled an
initial vertical test well to the east of the Ferguson oil pool.


Advisory

This news release contains forward-looking statements and information
("forward-looking statements") within the meaning of applicable securities laws
relating to a second potential closing under the Offering. Readers are cautioned
to not place undue reliance on forward-looking statements. While Artisan
believes the expectations reflected in the forward-looking statements are
reasonable actual results may differ materially from those contemplated by these
statements. The forward-looking information contained in this news release is
made as at the date of this news release and Artisan does not undertake any
obligation to update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events or otherwise,
except as may be required by applicable securities laws. Readers are urged to
consider these factors carefully in evaluating any forward-looking information.


Additional information on other factors that could affect Artisan's operations
and financial results are included in reports on file with Canadian securities
regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com).


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 news release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Artisan Energy Corporation
Rick Ironside
President & CEO
(403) 984-9275
Rironside@artisanenergy.ca


Artisan Energy Corporation
John Bell
Vice-President Finance & CFO
(403) 984-9275
Jbell@artisanenergy.ca
www.artisanenergy.ca
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