Crest Petroleum Corp. Announces Closing of Financing

Vancouver, British Columbia - October 23, 2013 - Crest Petroleum Corp. (“Crest” or the “Company”) (TSX VENTURE: CTP.P), is pleased to announce that it has completed its previously announced private placement financing of 5,000,000 common shares in the capital of the Company (“Shares”) at a price of $0.05 per Share for gross proceeds of $250,000 (the “Offering”). The Shares issued pursuant to the Offering are subject to a four-month hold period expiring on February 24, 2014. On completion of the Offering, there are now 10,000,000 Shares issued and outstanding.

The Company will use the proceeds of the Offering to advance the identification of a qualifying transaction by adding to its cash reserves and adding flexibility in considering various qualifying transaction opportunities.

Crest is a publicly traded capital pool company based in Vancouver, British Columbia currently focused on identifying an oil and gas qualifying transaction. For further information on Crest or this news release, please visit our website at www.crestpetroleum.com or review the Company’s profile on SEDAR at www.sedar.com.

Neither the 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 more information, please contact:

Toby Pierce Director and CEO Phone: +44 751 713 1747 Email: [email protected]

This news release contains certain statements that may be deemed "forward-looking statements". Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forwardlooking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

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