CALGARY, AB--(Marketwire - Nov 15, 2012) - Terra Nova Energy Ltd. (TSX VENTURE: [ TGC ]) ("Terra Nova" or the "Corporation") announces that it has applied for an extension to the terms of the 10,245,000 common share purchase warrants issued pursuant to its private placement that closed on December 30, 2010. The Company proposes to extend the expiry dates of those warrants from December 30, 2012 to June 30, 2013. All other terms of the warrants, including the exercise price of $0.30, will remain the same. The extension of the expiry dates is subject to the approval of the TSX Venture Exchange.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

About Terra Nova Energy Ltd.

Terra Nova Energy Ltd. is a Calgary based oil and gas company. Its common shares trade on the TSX Venture Exchange under the symbol "TGC".

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.