Terra Nova Announces Proposed $500,000 Private Placement Financing

Singapore – December 3, 2014. Terra Nova Energy Ltd. (“Terra Nova”) (TSX-V: TGC; OTCQX: TNVMF) is pleased to announce that its board of directors have approved a proposed private placement offering of up to 2,500,000 units (the “Units”) at a price of $0.20 per Unit for gross proceeds of up to $500,000 (the “Offering”).

Each Unit will be comprised of one common share of Terra Nova and one-half of one common share purchase warrant (each whole share purchase warrant a “Warrant”), with each whole Warrant entitling the holder to purchase one additional common share at $0.25 per share for a period of one year from the date of the issue. Terra Nova will have the right to accelerate the expiry date of the Warrants if, at any time, the average closing price of Terra Nova’s common shares is equal to, or greater than $0.35 for 10 consecutive trading days. In the event of acceleration, the expiry date will be accelerated to a date that is 30 days after Terra Nova issues a news release announcing that it has elected to exercise this acceleration right.

Subject to TSX Venture Exchange approval, Terra Nova may pay finders a fee consisting of cash and warrants from the proceeds of the proposed Offering.

Proceeds of the Offering will be used to fund Terra Nova’s work program on PEL 444 as well as for general working capital and corporate purposes

Closing of the proposed Offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including approval of the TSX Venture Exchange.

The securities described herein have not been, 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 accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of Terra Nova’s securities in the United States.

About Terra Nova Energy Ltd.

Terra Nova Energy Ltd. is an oil and gas company with a right to acquire up to a 55% working interest in two onshore petroleum exploration licenses (“PELs”), being PEL 112 and PEL 444, located on the western flank of the Cooper/Eromanga Basins in the State of South Australia, Australia. Its common shares trade on the TSX Venture Exchange under the symbol “TGC” and its ordinary shares trade in the U.S. on the OTCQX marketplace under the symbol “TNVMF.”

For more information please contact:

Terra Nova Energy Ltd.

Lydia Danis

Corporate Communications

T: +1 604 200 1039

Email: lydia@terranovaenergyltd.com

Nico Civelli

VP Finance

T: +65 9395 8990

Email: nico@terranovaenergyltd.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.

This news release contains forward-looking information relating to Terra Nova’s intentions to conduct the seismic program and subsequent drilling programs and other statements that are not historical facts. Such forward-looking information is subject to important risks and uncertainties that could cause actual results to differ materially from what is currently expected, for example: risks related to oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, competition from other producers, inability to retain drilling rigs and other services, reliance on key personnel, and insurance risks. Findings by other oil and gas issuers does not necessarily indicate that Terra Nova will be successful in making such findings in the Western Flank. In making such forward-looking statements, Terra Nova has relied upon certain assumptions relating to geological settings, commodity prices, the stability of markets and currencies and the availability of capital to Terra Nova in order to continue with the seismic and drilling programs. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While Terra Nova may elect to, Terra Nova is under no obligation and does not undertake to update this information at any particular time, except as required by applicable securities law.



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