Contact Exploration Announces Closing of Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Contact Exploration Inc. ("Contact" or the "Company") (TSX VENTURE:CEX) is
pleased to announce that it has closed its previously announced non-brokered
private placement (the "Private Placement") of: (i) 10,256,411 common shares
(the "Common Shares") of the Company at an issue price of $0.39 per Common
Share; and (ii) 13,700,000 Common Shares issued on a "flow-through" basis
respecting the expenditure of Canadian development expenses pursuant to the
provisions of the Income Tax Act (Canada) (the "Flow-Through Shares") at an
issue price of $0.445 per Flow-Through Share, for aggregate gross proceeds of
approximately $10.09 million.


Contact expects to use the proceeds of the Private Placement to fund the
Company's exploration and development program, including funding expenditures
that qualify as Canadian development expenses which will be renounced in favour
of the subscribers of the Flow-Through Shares effective on or before December
31, 2014.


The Flow-Through Shares issued today are subject to a four-month hold period
under applicable securities laws, which hold period expires on October 6, 2014.


A cash fee of 5% of the gross proceeds from the sale of the Common Shares in the
Private Placement has been paid as a financial advisory fee in connection with
the placement of the Common Shares. No fees or commissions were paid by Contact
in respect of the issuance of the Flow-Through Shares.


About Contact Exploration Inc.

Contact Exploration Inc. is a public oil and gas company which has a long-term
history of operating in Atlantic Canada and has recently demonstrated success in
Alberta's liquids-rich Montney Formation tight gas play. For more information,
please see the Company's website: www.contactexp.com.


ADVISORY ON FORWARD-LOOKING STATEMENTS: This press release contains certain
forward-looking information and statements within the meaning of applicable
securities laws. The use of any of the words "expect", "anticipate", "continue",
"estimate", "may", "will", "project", "should", "believe", "plans", "intends"
and similar expressions are intended to identify forward-looking information or
statements. In particular, but without limiting the forgoing, this press release
contains statements concerning the anticipated use of the proceeds of the
Private Placement. 


Forward-looking statements or information are based on a number of material
factors, expectations or assumptions of Contact which have been used to develop
such statements and information but which may prove to be incorrect. Although
Contact believes that the expectations reflected in these forward-looking
statements are reasonable, undue reliance should not be placed on them because
Contact 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. The intended use of the
proceeds of the Private Placement by Contact might change if the board of
directors of the Company determines that it would be in the best interests of
Contact to deploy the proceeds for some other Canadian development expense
expenditures. 


The forward-looking statements contained in this press release are made as of
the date hereof and Contact undertakes no obligations 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.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Steve Harding
President and CEO
Contact Exploration Inc.
(403) 771-1091
(403) 695-3915 (FAX)
sharding@contactexp.com
www.contactexp.com

Contact Exploration Inc. (TSXV:CEX)
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