VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 19, 2011) - Probe Resources Ltd. (the "Company" or "Probe") (News - Market indicators) announces that pursuant to the order approving confirmation of its Joint Chapter 11 Plan and the occurrence of the Plan's Effective Date, the Company emerged from its Chapter 11 bankruptcy filing effective April 15, 2011.

In conjunction with the conclusion of its Chapter 11 proceedings, the Company has realigned the Board of Directors of the Company (the "Board"). The Board will be comprised of Mr. Paul Crilly (Chairman), Mr. David Heden, Mr. Bill Gray, Mr. Richard Buski and Mr. David Elgie.

In addition, the Board has appointed a new executive team headed by Mr. David Elgie as President and Chief Executive Officer and Mr. John Boylan as Chief Financial Officer. Mr. Elgie, a Chemical Engineer from the University of British Columbia has 30 years of oil and gas exploration and production experience in North America, recently as CEO of Cordero Energy, a TSX traded exploration and production company he founded in 2005. Mr. Boylan has 16 years of experience in the finance and management of oil and gas assets. He has served as a financial consultant for companies operating in the Gulf of Mexico since 2008. He has public company experience serving on boards of two listed companies, received his MBA from New York University and his BBA from The University of Texas.

The Company will now move expeditiously to complete the necessary financial and regulatory filings to re-list on the TSX Venture Exchange. As a result of the debt restructuring plan, K2 Principal Fund LP and certain other creditors have agreed to a conversion of some of their debt holdings in the Company to common shares.

The Board has also endorsed a monthly contracting arrangement with Pisces Energy LLC of New Orleans, Louisiana ("Pisces") whereby Pisces will supply the operational, regulatory and accounting requirements for the Company. This will substantially reduce the Company's overhead costs in the near term and permit the executive team to focus on growth opportunities.

The Company is currently producing approximately 300 barrels oil equivalent from three platforms on the continental shelf in the Gulf of Mexico. Production is primarily natural gas. A review is being undertaken to prioritize the Company's numerous exploration and exploitation opportunities, and plans are currently underway to conduct a completion of an existing wellbore at East Cameron 246. This well, drilled in 2009, has an estimated initial production rate of 6.0 mmscf/d and proved plus probable reserves of 6.6 bcf net to the Company. 

The Board would also like to announce the conclusion of the engagement of Coy Gallatin, Senior Vice-President of Energy Spectrum Advisers Inc. and the Chief Restructuring Officer of Probe, and thank him for his tireless service to the Company during these proceedings.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "US Securities Act) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Statements in this press release may contain forward-looking information which is subject to important risks and uncertainties, such forward-looking information includes expectations of future operations (including drill rig commitments and use of proceeds), commerciality of any hydrocarbon discovered, production rates, operating costs, commodity prices, administrative costs, commodity price risk, management activity, acquisitions and dispositions, capital spending, access to credit facilities, income and oil taxes, regulatory changes, relisting on the TSX Venture Exchange and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices, and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated with the uncertainty of reserve estimates, or reservoir performance, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.