20th May 2010

US$120 million Equity Private Placement Concluded

Mitra Energy Limited ("MEL") announced today that it has issued approximately 27 million shares at a price of US$4.50 per share for total consideration of approximately US$120 million via a private placement. Due to strong demand from institutional investors (comprising a mix of existing and new investors), the offer was upsized from the original target of US$70 million. Ontario Teachers' Pension Plan (“OTPP”) was a cornerstone investor in the private placement, subscribing to 22 million new shares for a total value of US$99 million.

Proceeds from the private placement will be used primarily to advance exploration and appraisal activities on the Company's asset portfolio in the Philippines, Vietnam, Indonesia and Thailand and to fund general working capital. Mitra is now fully funded to drill its programme of a further 9 exploration wells in 2010 and 2011.

RBC Capital Markets served as sole adviser and placement agent.

The private placement follows Mitra’s significant discovery on Block SC56 in the Philippines which is operated by ExxonMobil and the recent acquisition of new licences in Vietnam and Indonesia.