CALGARY, ALBERTA--(Marketwire - Nov. 8, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Arcan Resources Ltd. (TSX VENTURE:ARN) ("Arcan") is pleased to announce that it has closed the sale of an additional 123,400 common shares of Arcan (the "Common Shares") at a price of $5.45 per Common Share for total gross proceeds of $672,530, pursuant to the over-allotment option exercised by the underwriters in connection with its public offering of convertible unsecured subordinated debentures and Common Shares, which closed on October 7, 2011 (the "Over-Allotment Option"). The exercise of the Over-Allotment Option brings the total number of Common Shares sold by Arcan in this public offering to 9,323,400 and brings the total gross proceeds of the public offering to $135,812,530. The syndicate of underwriters for the offering of Common Shares was led by RBC Capital Markets as sole bookrunner and co-led by Haywood Securities Inc., and included Scotia Capital Inc., National Bank Financial Inc., BMO Capital Markets, CIBC World Markets Inc., Stifel Nicolaus Canada Inc., Paradigm Capital Inc., and PI Financial Corp.

Arcan initially intends to use the net proceeds of the Over-Allotment Option for general working capital purposes.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities of Arcan in the United States. The Common Shares described in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered, sold or delivered in the United States absent an exemption from registration.

Arcan Resources Ltd. is an Alberta, Canada corporation that is principally engaged in the exploration, development and acquisition of petroleum and natural gas located in Canada's Western Sedimentary Basin.

Regards,

Hg