TEE Triple 8 Energy Ltd.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS


Triple 8 Energy Ltd. ("Triple 8" or the "Company") (TSX VENTURE:TEE) is pleased
to announce that it has successfully closed a previously announced bought deal
financing with a syndicate of underwriters co-led by GMP Securities L.P. and
Canaccord Genuity Corp., and including Wellington West Capital Markets Inc.,
Desjardins Securities Inc., Mackie Research Capital Company and Raymond James
Ltd. (collectively, the "Underwriters") of 333,334,000 subscription receipts
("Subscription Receipts") at a price of $0.075 per Subscription Receipt and
35,295,000 common shares ("Common Shares") issued on a "flow-through" basis
("Flow-Through Shares") at a price of $0.085 per Flow-Through Share for
aggregate gross proceeds of approximately $28.0 million (the "Offering"). In
addition, the Underwriters fully exercised an option to purchase from treasury
an additional 50,000,000 Subscription Receipts for additional gross proceeds of
approximately $3.75 million and total gross proceeds of $31.75 million.


The net proceeds of the Subscription Receipt financing will be used to fund the
purchase price payable by Triple 8 for certain high working interest, operated
assets in the Pembina, Niton and Chip Lake regions of west central Alberta for
total consideration of approximately $30.0 million from a public oil and gas
producer (the "Transaction"). Gross proceeds from the sale of the Flow-Through
Shares will be used to fund ongoing exploration activities that will qualify as
Canadian Exploration Expense, which will be renounced to the subscribers
effective for the 2010 taxation year. The gross proceeds of the Subscription
Receipt financing are being held in escrow pending the completion of the
Transaction. If the Transaction is completed on or before November 15, 2010, the
proceeds will be released to Triple 8. If the Transaction is not completed on or
before November 15, 2010 or the definitive agreement in respect of the
Transaction is terminated at an earlier time or Triple 8 announces publicly that
it does not intend to proceed with the Transaction, holders of Subscription
Receipts will receive a cash payment equal to the offering price of the
Subscription Receipts and any interest that was earned thereon during the term
of the escrow.


On the deemed exercise of the Subscription Receipts, each Subscription Receipt
will entitle the holder thereof to receive one Common Share and one-half of one
Common Share purchase warrant ("Warrant"). Each whole Warrant will entitle the
holder thereof to acquire one Common Share at an exercise price of $0.10 per
Common Share for a period of thirty months following the closing of Offering.
The Subscription Receipts will be deemed to be exercised on the earlier of: (a)
February 14, 2011; and (b) that day on which a receipt is issued by the
securities regulatory authorities in British Columbia, Alberta, Saskatchewan,
Ontario and New Brunswick for a final short form prospectus qualifying the
Common Shares and Warrants to be issued upon the exercise of the Subscription
Receipts. Triple 8 shall use reasonable commercial efforts from the date of
closing of the private placement to obtain such receipt for the exercise of the
Subscription Receipts within 30 days of closing of the Transaction (the
"Qualification Deadline"). If a receipt is not obtained on or before the
Qualification Deadline, Triple 8 shall issue to each holder of Subscription
Receipts, for no additional consideration and without any further action on the
part of the holder, an additional 0.1 of a Common Share for each Common Share to
be issued to such holder upon the deemed exercise of the Subscription Receipts.
Until the receipt is issued for such prospectus, the Subscription Receipts as
well as the Common Shares and Warrants issuable upon exercise thereof will be
subject to a four month hold period under applicable Canadian securities laws
until February 14, 2011. The Flow-Through Shares are subject to a four month
hold period under applicable Canadian securities laws until February 14, 2011.


In connection with the previously completed acquisition of certain high quality
assets in northeast British Columbia in the vicinity of the prolific Boundary
Lake area (the "Assets") for total consideration of $4.3 million and in
accordance with National Instrument 51-101 - Standards of Disclosure for Oil and
Gas Activities ("NI 51-101"), Sproule Associates Limited ("Sproule") prepared a
report dated October 7, 2010, and effective December 31, 2009, evaluating the
crude oil, natural gas liquids and natural gas reserves attributable to the
Assets (the "Sproule Report"). For a detailed description of the estimated
reserves, related future net revenue, estimated oil and gas production volumes
and other oil and gas information in respect of the Assets please see the
Business Acquisition Report of Triple 8 dated October 8, 2010, filed under
Triple 8's sedar profile at www.sedar.com. Based on the Sproule Report, the
Total Proven plus Probable reserves associated with the Assets are 177.8 MBOE.
Total Proven reserves of 126.2 MBOE are fully developed and are currently on
production and none of the reserves have common working interest with assets
currently owned by Triple 8. Based on the acquisition price of $4.3 million,
Triple 8 acquired Total Proved plus Probable reserves at a cost of approximately
$24.18/BOE including undeveloped land.


FORWARD LOOKING AND CAUTIONARY STATEMENTS

This press release contains certain forward-looking statements (forecasts) under
applicable securities laws relating to future events or future performance.
Forward-looking statements are necessarily based upon assumptions and judgements
with respect to the future including, but not limited to, the outlook for
commodity markets and capital markets, the performance of producing wells and
reservoirs, well development and operating performance, general economic and
business conditions, weather, the regulatory and legal environment and other
risks associated with oil and gas operations. In some cases, forward-looking
statements can be identified by terminology such as "may", "will", "should",
"expect", "projects", "plans", "anticipates" and similar expressions. These
statements represent management's expectations or beliefs concerning, among
other things, future operating results and various components thereof affecting
the economic performance of Triple 8. Undue reliance should not be placed on
these forward-looking statements which are based upon management's assumptions
and are subject to known and unknown risks and uncertainties, including the
business risks discussed above, which may cause actual performance and financial
results in future periods to differ materially from any projections of future
performance or results expressed or implied by such forward-looking statements.
Accordingly, readers are cautioned that events or circumstances could cause
results to differ materially from those predicted.


In the interest of providing Triple 8 shareholders and potential investors with
information regarding the Company, including management's assessment of Triple
8's future plans and operation, certain statements throughout this press release
constitute forward looking statements. All forward-looking statements are based
on the Company's beliefs and assumptions based on information available at the
time the assumption was made. The use of any of the words "anticipate",
"continue", "estimate", "expect", "may", "will", "project", "should", "believe"
and similar expressions are intended to identify forward looking statements. By
its nature, such forward-looking information involves known and unknown risks,
uncertainties and other factors that may cause actual results or events to
differ materially from those anticipated in such forward looking statements.
Triple 8 believes the expectations reflected in those forward looking statements
are reasonable but no assurance can be given that these expectations will prove
to be correct and such forward looking statements contained throughout this
press release should not be unduly relied upon. These statements speak only as
of the date specified in the statements. 


In particular, this press release may contain forward looking statements
pertaining to the following:




--  the Offering; 
--  the Transaction; 
--  the performance characteristics of the Company's oil and natural gas
    properties; 
--  oil and natural gas production levels; 
--  capital expenditure programs; 
--  the quantity of the Company's oil and natural gas reserves and
    anticipated future cash flows from such reserves; 
--  projections of commodity prices and costs; 
--  supply and demand for oil and natural gas; 
--  expectations regarding the ability to raise capital and to continually
    add to reserves through acquisitions and development; and 
--  treatment under governmental regulatory regimes. 



The material assumptions in making these forward-looking statements include
certain assumptions disclosed in the Company's most recent management's
discussion and analysis included in the material available on this press
release.


The Company's actual results could differ materially from those anticipated in
the forward looking statements contained throughout this press release as a
result of the material risk factors set forth below, and elsewhere in this press
release:




--  volatility in market prices for oil and natural gas; 
--  liabilities inherent in oil and natural gas operations; 
--  uncertainties associated with estimating oil and natural gas reserves; 
--  competition for, among other things, capital, acquisitions of reserves,
    undeveloped lands and skilled personnel; 
--  incorrect assessments of the value of acquisitions and exploration and
    development programs; 
--  geological, technical, drilling and processing problems; 
--  fluctuations in foreign exchange or interest rates and stock market
    volatility; 
--  failure to realize the anticipated benefits of acquisitions; 
--  general business and market conditions; and 
--  changes in income tax laws or changes in tax laws and incentive programs
    relating to the oil and gas industry. 



These factors should not be construed as exhaustive. Unless required by law,
Triple 8 does not undertake any obligation to publicly update or revise any
forward looking statements, whether as a result of new information, future
events or otherwise.


Barrels of oil equivalent (boe) may be misleading, particularly if used in
isolation. A boe conversion ratio of six thousand cubic feet (mcf) of natural
gas to one barrel (bbl) of oil is based on an energy conversion method primarily
applicable at the burner tip and is not intended to represent a value
equivalency at the wellhead. All boe conversions in this press release are
derived by converting natural gas to oil in the ratio of six thousand cubic feet
of natural gas to one barrel of oil. Certain financial amounts are presented on
a per boe basis, such measurements may not be consistent with those used by
other companies.


Readers are further cautioned that the preparation of financial statements in
accordance with Canadian generally accepted accounting principles ("GAAP")
requires management to make certain judgements and estimates that affect the
reported amounts of assets, liabilities, revenues and expenses. Estimating
reserves is also critical to several accounting estimates and requires judgments
and decisions based upon available geological, geophysical, engineering and
economic data. These estimates may change, having either a negative or positive
effect on net earnings as further information becomes available, and as the
economic environment changes.


Cash flow from operations and operating netbacks are not recognized measures
under GAAP. Management of Triple 8 believe that in addition to net income, cash
flow from operations and operating netbacks are useful supplemental measures as
they demonstrate an ability to generate the cash necessary to repay debt or fund
future growth through capital investment. Readers are cautioned, however, that
these measures should not be construed as an alternative to net income
determined in accordance with GAAP as an indication of Triple 8's performance.
Triple 8's method of calculating these measures may differ from other companies
and, accordingly, they may not be comparable to measures used by other
companies. For these purposes, Triple 8 defines cash flow from operations as
cash provided by operations before changes in non-cash operating working capital
and defines operating netbacks as revenue less royalties and operating expenses.


Readers are also cautioned that this press release may contain the term reserve
life index, which is not a recognized measure under GAAP. Management believes
that this measure is a useful supplemental measure of the length of time the
reserves would be produced over at the rate used in the calculation. Readers are
cautioned, however, that this measure should not be construed as an alternative
to other terms determined in accordance with GAAP as a measure of performance.
The method of calculating this measure may differ from other companies, and
accordingly, they may not be comparable to measures used by other companies.


This press release shall not constitute an offer to sell or the solicitation of
an offer to buy the securities in any jurisdiction. The Subscription Receipts,
the Flow-Through Shares offered and the underlying Common Shares and Warrants
have not and will not be registered under the United States Securities Act of
1933, as amended (the "U.S. Securities Act") or any state securities laws and
many not be offered or sold in the United States except in certain transactions
exempt from the registration requirements of the U.S. Securities Act and
applicable states securities laws.

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