Filing of Revised First Quarter Financial Statements ALBION PETROLEUM LTD. (the “ Corporation ”) (ABP.H: NEX) announces that on August 5, 2011

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NEWS RELEASE For Immediate Release NEX Exchange: ABP.H August 5, 2011

Filing of Revised First Quarter Financial Statements

ALBION PETROLEUM LTD. (the “Corporation”) (ABP.H: NEX) announces that on August 5, 2011 it filed on Sedar Revised First Quarter Financial Statements and MD&A for the three month period ended March 31, 2011. The Corporation Revised Financial Statements now includes corrections to make them current with new IFRS guidelines.

For further information, please contact

David Shaw, CEO and Director of Albion at (604) 221-4828.

Colin Christensen, Director of Albion at (403) 264-4811

THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.

Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Albion assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Albion. Additional information identifying risks and uncertainties is contained in certain of Albion's filings with the Canadian securities regulators, which filings are available at www.sedar.com.

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