TSX: DEN
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Dundee Energy Limited Renews Its Normal Course Issuer Bid

May 03, 2013

TORONTO, ONTARIO--(Marketwired - May 3, 2013) - Dundee Energy Limited (TSX:DEN) ("Dundee Energy" or the "Corporation") today announced receipt of regulatory approval respecting its intention to continue its normal course issuer bid (the "Bid") through the facilities of the Toronto Stock Exchange ("TSX") from May 6, 2013 to May 5, 2014. Dundee Energy may purchase up to a maximum of 9,408,665 of its common shares ("Common Shares"), representing approximately 5% of the Common Shares issued and outstanding as of April 30, 2013. As of April 30, 2013, there were 188,173,310 Common Shares issued and outstanding. Dundee Energy may purchase up to 10,661 Common Shares during any trading day, which represents 25% of its average daily trading volume, being 42,647 Common Shares for the most recently completed six calendar months prior to TSX acceptance of the notice of normal course issuer bid, other than pursuant to a block purchase exception. The purchases will be made in accordance with the policies and rules of the TSX. The price paid for any Common Shares acquired will be the market price at the time of purchase and all Common Shares purchased under the Bid will be cancelled.

Dundee Energy believes that the purchase of its Common Shares at current market values represents a good long-term investment for the Corporation. Dundee Energy did not purchase any Common Shares through the facilities of the TSX under the previous normal course issuer bid which came into effect on April 3, 2012 and expired on April 2, 2013.

ABOUT THE CORPORATION

Dundee Energy Limited is a Canadian-based oil and natural gas company with a mandate to create long-term value for its shareholders through the exploration, development, production and marketing of oil and natural gas, and through other high impact energy projects. Dundee Energy holds interests, both directly and indirectly, in the largest accumulation of producing oil and gas assets in Ontario, in the development of an offshore underground natural gas storage facility in Spain and, through a preferred share investment, in certain exploration and evaluation programs for oil and natural gas offshore Tunisia. The Corporation's common shares trade on the Toronto Stock Exchange under the symbol "DEN".

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