Anderson Energy Ltd. Provides Operations Update

EDMONTON SANDS FARM-IN AGREEMENT

Anderson continues to focus on its light oil development prospects. The Company has reached an agreement in principle to terminate its commitment to drill 74 Edmonton Sands natural gas wells. In consideration for the termination of the commitment, the Company will convey to the farmor a 25% carried interest in four Cardium horizontal light oil wells that have been drilled or will be drilled in the fourth quarter of 2012 and first quarter of 2013. Three of these four wells are existing farm-in commitment wells to parties unrelated to the farmor in the Ferrier and Willesden Green areas. The fourth commitment well is on Anderson land at Garrington. To date, one of the commitment wells has been drilled and brought on production. The second commitment well has been drilled and the third commitment well has commenced drilling. The Company drilled 126 Edmonton Sands gas wells in 2008 and 2009 as part of the original farm-in agreement. The lands earned by drilling the 126 wells are not affected by the proposed amending agreement. The amending agreement is subject to completion of definitive documentation.

DRILLING INVENTORY

The Company’s drilled and drill ready light oil horizontal drilling inventory is outlined below:

(i) Net is net revenue interest

Anderson is currently evaluating the performance of competitor Cardium denser drilling initiatives. Application of denser drilling initiatives could expand the Company’s Cardium drilling inventory.

The Company’s remaining Edmonton Sands shallow gas drilling inventory is now estimated to be 542 gross (307 net) locations.

COMMODITY HEDGING CONTRACTS

As part of its price management strategy, the Company has fixed price swap contracts based on the NYMEX crude oil price in Canadian dollars. As of December 19, 2012, the average volumes and prices for the remaining contracts are summarized below:

PROPERTY DISPOSITIONS AND MID YEAR BORROWING BASE REVIEW

Since September 30, 2012, Anderson has completed the sale of previously disclosed property dispositions for cash consideration of approximately $37.3 million. The Company has also completed its mid year borrowing base review. The Company’s borrowing base as of December 19, 2012 is $65 million. Pro forma the dispositions, outstanding bank loans would be approximately $51.6 million at September 30, 2012.

FOURTH QUARTER DRILLING OPERATIONS

In the fourth quarter, the Company drilled, completed and brought on production two horizontal Cardium light oil wells in the Willesden Green and Garrington fields. In the Ferrier field, one Cardium horizontal well has been drilled and a second well has commenced drilling. The Company expects to complete all remaining drilling commitments prior to the end of the first quarter of 2013. The Company is now employing slick water frac techniques and like other industry participants has seen a significant improvement in productivity with this technique.

STRATEGIC ALTERNATIVES

The Company is continuing its process to identify, examine and consider a range of strategic alternatives available to the Company with a view to enhancing shareholder value. The strategic alternatives may include, but are not limited to, a sale of all or a material portion of the assets of Anderson, either in one transaction, or in a series of transactions, the outright sale of the Company, or a merger or other strategic transaction involving Anderson and a third party. The Board of Directors believes that the Company’s shares trade at a significant discount to the value of the underlying assets, especially given its high quality light oil production base, prospective horizontal light oil drilling inventory and significant tax pools. The Board of Directors has established a special committee comprised of independent directors of the Company to oversee the process and has retained BMO Capital Markets and RBC Capital Markets as its financial advisors to assist the Special Committee and the Board of Directors with the process.

Since January 1, 2012, the Company has sold approximately $74 million of oil and natural gas properties (71% natural gas) and has restructured its shallow gas and Cardium horizontal light oil drilling commitments.

It is Anderson’s current intention to not disclose developments with respect to its strategic alternatives process unless and until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary in accordance with applicable law. The Company cautions that there are no assurances or guarantees that the process will result in a transaction or, if a transaction is undertaken, the terms or timing of such a transaction. The Company has not set a definitive schedule to complete its evaluation.

FORWARD-LOOKING STATEMENTS

The forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

CONVERSION

Disclosure provided herein in respect of barrels of oil equivalent (BOE) may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.