TVL Traverse Energy Ltd

Traverse Energy Ltd. ("Traverse" or "the Company") (TSX VENTURE:TVL) presents
financial and operating results for the six months ended June 30, 2010. Unless
otherwise stated, the volume conversion of natural gas to barrel of oil
equivalent (BOE) is presented on the basis of 6 thousand cubic feet of natural
gas being equal to 1 barrel of oil.




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HIGHLIGHTS                                                                  
(unaudited)                          Three months ended    Six months ended 
                                      June 30,  June 30,  June 30,  June 30,
                                         2010      2009      2010      2009 
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Financial ($ thousands, except per                                          
 share amounts)                                                             
------------------------------------                                        
Revenue                              $    333  $     98  $    610  $    281 
Net loss                                 (309)      (24)     (454)      (30)
 Per share - basic and diluted          (0.01)     0.00     (0.02)     0.00 
Funds flow from operations(i)              41        45        73       126 
Net capital expenditures                  739       164     3,087       241 
Total assets                           12,244     7,978    12,244     7,978 
Shareholders' equity                   10,855     7,164    10,855     7,164 
Working capital                         4,274     4,329     4,274     4,329 
Common shares                                                               
 Outstanding (millions)                  29.4      20.9      29.4      20.9 
 Weighted average (millions)             25.1      15.5      25.0      14.2 
                                                                            
Operations (Units as noted)                                                 
------------------------------------                                        
Production (BOE/d)                        100        43        83        49 
 Natural gas (Mcf per day)                403       214       317       244 
 Oil and NGL (bbls per day)                33         7        30         8 
Average sale price                                                          
 Natural gas ($/Mcf)                     3.80      3.25      4.27      4.50 
 Oil and NGL ($/bbl)                    69.88     57.66     72.59     51.44 

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(i) Management uses funds flow from operations (before changes in non-cash
    working capital) to analyze operating performance. Funds flow as
    presented does not have any standardized meaning prescribed by Canadian
    Generally Accepted Accounting Principles and therefore may not be
    comparable with the calculation of similar measures for other entities.



Operations Review

All of the Company's oil and gas properties are located in Alberta. Traverse
purchased additional interests in the Turin area from partners during the second
quarter for cash consideration of $320,000. Field activities were restricted due
to spring breakup and extensive wet weather conditions in southern Alberta. No
wells were drilled during the second quarter. The Company was able to add
infrastructure at the Turin property, including additions to the oil battery and
installation of a natural gas sweetening unit. Undeveloped land holdings at June
30, 2010 totalled 170,000 gross (160,000 net) acres.


Traverse plans an active drilling program for 2010 including up to 12 gross (8
net) wells with an initial budget of $6 to $7 million. This program includes a
combination of development and exploratory wells targeting oil and natural gas.
The near term is focused largely on oil.


Subsequent to the second quarter, the Company sold a minor producing property
for $800,000. Drilling completed to date in the third quarter includes a
re-entry (100%) in the Manyberries area and 2 gross (1.5 net) wells in the Turin
area. At Turin, the Company is developing a Sunburst oil pool. Upon successful
completion of these recent wells, Traverse plans to proceed with pipeline
construction to allow for natural gas conservation and water injection in a
nearby wellbore. Further drilling will be scheduled upon completion of this
infrastructure.


In addition to the Turin property, Traverse plans drilling operations at Little
Bow, Long Coulee and Manyberries in southern Alberta and at Warwick and Carbon
in central Alberta.


Forward-looking information

This press release contains forward-looking information. Forward-looking
information is based upon the opinions, expectations and estimates of management
as at the date the information is provided and, in some cases, information
received from or disseminated by third parties. In particular, the Company's
statements with respect to its drilling program for 2010; planned pipeline
construction in the Turin area; planned drilling operations at Little Bow, Long
Coulee and Manyberries in southern Alberta and at Warwick and Carbon in central
Alberta are forward-looking information. This forward-looking information is
subject to a variety of substantial known and unknown risks and uncertainties
and other factors that could cause actual events or outcomes to differ
materially from those anticipated or implied by such forward-looking
information. The Company's Annual Information Form filed with securities
regulatory authorities (accessible through the SEDAR website www.sedar.com)
describes the risks, material assumptions and other factors that could influence
actual results and which are incorporated herein by reference.


The forward-looking information contained in this press release is made as of
the date hereof and the Company undertakes no obligation to update publicly or
revise any forward-looking information, whether as a result of new information,
future events or otherwise, unless so required by applicable securities laws.

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