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Heavy Earth Resources Announces Closing Of Securities Purchase Agreement

Heavy Earth Resources, Inc. ("Heavy Earth" or the "Company") (OTCQB: HEVI), an oil and gas exploration and production company focused on Central and South America, today announced that it entered into and closed a securities purchase agreement for the issuance of a 15% convertible debenture and warrant to purchase common stock.

In exchange for gross proceeds of approximately US$1,000,000 from an investor, Heavy Earth issued to the investor a convertible debenture with a three (3) year maturity, an interest rate of 15%, a conversion price US$0.50 per share, and a redemption option for Heavy Earth to redeem the debenture at 115% of the then outstanding principal balance and a common stock purchase warrant entitling the investor to purchase 2,000,000 shares of common stock of the Company at an exercise price at US$0.60 per share. Following the consummation of the securities purchase agreement and issuance of the debenture and warrant, the Company has 70,509,331 issued and outstanding shares of common stock, 4,500,000 shares issuable upon the conversion of outstanding debentures and 4,820,833 shares issuable upon the exercise of outstanding warrants.

The Company will use the proceeds from the securities purchase agreement for general corporate purposes, development of its oil and gas assets and to fund the delivery to the Colombian Agencia Nacional de Hidrocarburos (ANH) of the recently acquired and interpreted 150 square kilometers of 3D seismic data to maintain the Company’s interest in the Morichito Block. Once delivered, the Company will have fulfilled the requirements of the Morichito Exploration & Production (“E&P”) Contract’s “final phase.” Heavy Earth anticipates being awarded a two-year extension upon the fulfillment of all six phases of the Morichito E&P Contract.

Located within producing trends of the prolific Llanos Basin, Heavy Earth’s Morichito block is surrounded by analog production including Pacific Rubiales Energy’s productive Cachicamo and Cravoviejo fields, CEPSA’s approximately 20,000 bopd Caracara field and Hocol, S.A.’s approximately 20,000 bopd Guarrojo field.

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