Coral Hill Announces Dismissal of Lawsuit

CALGARY, ALBERTA–(Marketwired – Aug. 1, 2013) – Coral Hill Energy Ltd. (the “Company“) is pleased to announce that pursuant to a decision of the Court of Queen’s Bench of the Province of Alberta (the “Court“), the applications by the Company, Wave Energy Ltd. (“Wave“) and certain former directors of Wave for summary dismissal of the previously announced statement of claim filed by Edward Robert Fisher (the “Plaintiff“) against each of the defendants has been granted. Pursuant to the decision of Justice S.L. Martin of the Court, the evidence presented by the defendants in support of their applications for summary dismissal satisfied the Court that there was no genuine issue of material fact raised by the Plaintiff requiring a trial. As such, the claim against each of the defendants has been dismissed. Each of the defendants are entitled to costs of the defence and application to dismiss, provided however that if the Plaintiff does not agree to the amount(s), the Court may make a determination as to costs. The Company is pleased by the Court’s decision and is continuing to execute on its business plan.

ADVISORY: This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this press release contains statements concerning the potential for restitution of costs. Although the Company believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. The decision of the Court may be appealed by the Plaintiff and there are no assurances that the ruling of the Court will not be overturned, either in whole or in part, or that the Company will be able to recover any costs. The forward looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.