Rift Basin Announces Letter of Intent

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR
DISSEMINATION IN THE UNITED STATES


Rift Basin Resources Corp. (TSX VENTURE:RIF) (the "Company " or "Rift Basin")
announces that its wholly-owned subsidiary Rift Basin International Corp. ("Rift
Basin International") has entered into a letter of intent (the "LOI") with
Alpine Oil & Gas Pty Ltd. ("Alpine"). Under the terms of the LOI it is proposed
that Rift Basin, through Rift Basin International, will farm -in on and have the
right to earn a 15% participating interest in the Chorbane exploration permit
located in Tunisia (the "Proposed Transaction"). The Proposed Transaction is
subject to a number of conditions, including but not limited to, applicable
regulatory approval (including approval of the TSX Venture Exchange), due
diligence and the execution of a definitive farm-in agreement (the "Definitive
Agreement"). The parties have agreed that the LOI will terminate on December 15,
2012 unless earlier superseded by the Definitive Agreement. There can be no
assurance that the Proposed Transaction will be completed.


Gulfsands Petroleum plc ("Gulfsands"), Rift Basin's strategic partner (as
announced in the Company's news release of November 14, 2012), is concurrently
acquiring an additional 30% participating interest in the Chorbane exploration
permit, subject to various regulatory approvals, to ultimately hold a 70%
participating interest and be the Operator of the Chorbane joint venture.


Chorbane Permit - Onshore Tunisia

The Chorbane permit is located onshore central Tunisia near the port city of
Sfax. The permit is surrounded by several producing oil fields and extensive oil
and gas infrastructure. As Operator, Gulfsands intends to commence a seismic
programme on the Chorbane permit in the New Year, which is currently estimated
to cost approximately US$2 million.


Following processing and evaluation of the seismic data captured in the upcoming
work programme, Gulfsands is anticipating to drill at least one well on the
Chorbane permit during calendar year 2014.


Financing Update

Further to the Company's news release of November 2, 2012 (a copy of which is
available under the Company's SEDAR profile at www.sedar.com) announcing a
non-brokered private placement for gross proceeds of up to $1,000,000 (the
"Private Placement"), the Company reports that it expects to close the Private
Placement on or before November 30, 2012. The net proceeds from the Private
Placement will be used by the Company for general corporate purposes and may be
used for the acquisition of oil and gas properties.


About Rift Basin

The Company is listed on the TSX Venture Exchange under the symbol "RIF" . The
Company is currently listed as a Tier 2 mining issuer and is seeking to become
an oil and gas issuer. Additional information about Rift Basin is available
under Rift Basin's SEDAR profile at www.sedar.com.


ON BEHALF OF RIFT BASIN RESOURCES CORP.

Wayne Koshman, Chief Executive Officer

Some of the statements contained in this press release are forward-looking
statements and information within the meaning of applicable securities laws.
Forward-looking statements and information can be identified by the use of words
such as "expects", "intends", "is expected", "potential", "suggests" or
variations of such words or phrases, or statements that certain actions, events
or results "may", "could", "should", "would", "might" or "will" be taken, occur
or be achieved. Forward-looking statements and information are not historical
facts and are subject to a number of risks and uncertainties beyond the
Company's control. Actual results and developments are likely to differ, and may
differ materially, from those expressed or implied by the forward-looking
statements contained in this news release. Accordingly, readers should not place
undue reliance on forward-looking statements. The Company undertakes no
obligation to update publicly or otherwise revise any forward-looking
statements, except as may be required by law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Rift Basin Resources Corp.
Wayne Koshman
Chief Executive Officer
(604) 608-1999
(604) 688-0854 (FAX)
www.riftbasinresources.com

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