Emerald Oil to Sell Stake to White Deer

Emerald Oil also announced it would sell 10 million shares of common stock in a secondary offering. Emerald Oil has agreed to issue and sell 19.9% of common stock, including warrants held by White Deer, to the energy private equity firm. The closing of the White Deer private placement is scheduled occur within 10 days of the public offering. Denver-based Emerald Oil is an independent exploration and production operator.

PRESS RELEASE

Emerald Oil, Inc. (NYSE MKT: EOX) (the “Company”) announced today it has signed a definitive agreement with affiliates of White Deer Energy (“White Deer”), an energy private equity firm, to issue and sell a number of the Company’s shares of common stock that, inclusive of the warrants held by White Deer, equals 19.9% of the Company’s common stock outstanding immediately after the closing of the Company’s previously announced proposed public offering at a purchase price per share equal to the net price per share of the proposed public offering, plus 0.95% of the gross price per share of the proposed public offering. The closing of this private placement is scheduled to occur within ten days business following the closing of the Company’s proposed public offering.

The Company intends to use the net proceeds from this private placement, along with the net proceeds from the proposed public offering, cash on hand, cash flow from operations, proceeds from the sale of assets and additional borrowings under the Company’s credit facility, to fund the Company’s capital budget in 2013 and for general corporate purposes, including working capital.

The shares of common stock offered and anticipated to be sold to White Deer pursuant to the purchase agreement will not be registered under the 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. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.

ABOUT EMERALD OIL, INC.

Emerald Oil is an independent exploration and production operator that is focused on acquiring acreage and developing wells in the Williston Basin of North Dakota and Montana, targeting the Bakken and Three Forks shale oil formations. Emerald Oil is based in Denver, CO. More information about Emerald Oil can be found at www.emeraldoil.com or by calling investor relations at 303-323-0008 x200