Traverse Energy Announces 2010 Third Quarter Results

Traverse Energy Ltd. ("Traverse" or "the Company") (TSX VENTURE:TVL) presents
financial and operating results for the nine months ended September 30, 2010.
Unless otherwise stated, the volume conversion of natural gas to barrel of oil
equivalent (BOE) is presented on the basis of 6 thousand cubic feet of natural
gas being equal to 1 barrel of oil.




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HIGHLIGHTS                                                                  
(unaudited)                  Three months ended           Nine months ended 
                         Sept. 30,     Sept. 30,     Sept. 30,     Sept. 30,
                             2010          2009          2010          2009 
----------------------------------------------------------------------------
                                                                            
Financial ($                                                                
 thousands, except                                                          
 per share amounts)                                                         
Revenue             $         331 $         120 $         951 $         401 
Net loss                     (461)         (515)         (915)         (545)
  Per share - basic                                                         
   and diluted              (0.02)        (0.02)        (0.03)        (0.03)
Funds flow from                                                             
 operations(i)                 86            31           159           156 
Net capital                                                                 
 expenditures               1,314           259         4,401           500 
Total assets               12,503         7,918        12,503         7,918 
Shareholders' equity       10,633         7,061        10,633         7,061 
Working capital             3,045         4,089         3,045         4,089 
Common shares                                                               
  Outstanding                                                               
   (millions)                29.4          20.9          29.4          20.9 
  Weighted average                                                          
   (millions)                29.4          20.9          26.5          16.2 
                                                                            
Operations (Units as                                                        
 noted)                                                                     
--------------------                                                        
Production (BOE/d)            103            47            90            48 
  Natural gas (Mcf                                                          
   per day)                   419           228           352           238 
  Oil and NGL (bbls                                                         
   per day)                    33             9            31             8 
Average sale price                                                          
  Natural gas                                                               
   ($/Mcf)                   3.55          3.09          3.98          4.05 
  Oil and NGL                                                               
   ($/bbl)                  67.93         62.11         70.89         55.37 



(i)Management uses funds flow from operations (before changes in non-cash
working capital) to analyze operating performance. Funds flow as presented does
not have any standardized meaning prescribed by Canadian Generally Accepted
Accounting Principles and therefore may not be comparable with the calculation
of similar measures for other entities.


Operations Review

All of the Company's oil and gas properties are located in Alberta. During the
third quarter, Traverse participated in the drilling of 2 gross (1.5 net) oil
wells in the Turin area and expanded its infrastructure. This expansion included
pipelining existing wells into a central battery site and adding capacity for
incremental wells. The facilities expansion will provide for a more efficient
tie in and resulting production from new wells. In the Manyberries area the
Company re-entered an existing wellbore to test a potential natural gas zone.
The well tested at a low natural gas rate and will be abandoned. Undeveloped
land holdings at September 30, 2010 totaled 169,000 gross (160,000 net) acres.


Subsequent to the third quarter, Traverse drilled a 100% working interest oil
well in the Long Coulee area. The well was placed on production November 9, 2010
and is expected to produce at the allowable rate of 125 BOE/day. In early
November Traverse spudded a 2,200 meter horizontal well at Manyberries targeting
Jurassic oil. New production from the wells at Turin and Long Coulee are
expected to increase average company production to approximately 250 BOE per
day. Oil production will now represent over 70% of Traverse's production.


Traverse's 2010 drilling program to date includes 8 gross (6.9 net) wells. This
has resulted in 3.9 net oil wells, 1 net natural gas well, 1 potential natural
gas well and 2 dry holes. Traverse will continue to focus on oil and liquids
rich natural gas targets. Traverse is also evaluating its existing lands for
potential oil prospects on the developing Southern Alberta Bakken play.
Traverse's drilling plans for the remainder of 2010 include a 100% working
interest well to be drilled at Carbon on a gas/oil prospect and 2 wells (1.75
net) to be drilled at Turin.


Forward-looking information

This press release contains forward-looking information. Forward-looking
information is based upon the opinions, expectations and estimates of management
as at the date the information is provided and, in some cases, information
received from or disseminated by third parties. In particular, the Company's
statements with respect to facilities expansion at Turin, expected production at
Turin and Long Coulee and planned drilling at Carbon and Turin for the remainder
of 2010 contain forward-looking information. This forward-looking information is
subject to a variety of substantial known and unknown risks and uncertainties
and other factors that could cause actual events or outcomes to differ
materially from those anticipated or implied by such forward-looking
information. The Company's Annual Information Form filed with securities
regulatory authorities (accessible through the SEDAR website www.sedar.com)
describes the risks, material assumptions and other factors that could influence
actual results and which are incorporated herein by reference.


The forward-looking information contained in this press release is made as of
the date hereof and the Company undertakes no obligation to update publicly or
revise any forward-looking information, whether as a result of new information,
future events or otherwise, unless so required by applicable securities laws.
Traverse Energy (TSXV:TVL)
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