CORRECTION FROM SOURCE: Emerge Oil & Gas Inc. Announces a $30,090,000 Bought Deal Financing

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CALGARY, ALBERTA -- (Marketwire - Sept. 23, 2010) - A correction from source is being issued for the press release issued today at 8:04AM E.T., as FirstEnergy Capital Corp. will not be part of the underwriting syndicate. The complete and correct release follows.

Emerge Oil & Gas Inc. ("Emerge" or the "Company") (TSX: EME) is pleased to announce Emerge has entered into an agreement with a syndicate of underwriters, co-led by National Bank Financial Inc. and Dundee Securities Corporation, Cormark Securities Inc., GMP Securities L.P. and Peters & Co. Limited (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase for resale to the public, on a bought deal basis, 8,850,000 common shares of Emerge (the "Common Shares") at a price of $3.40 per share for gross proceeds of $30,090,000 (the "Financing"). In addition, the Underwriters have been granted an over-allotment option, exercisable for a period of 30 days following closing of the Financing, to purchase a further 885,000 Common Shares, at a price of $3.40 per share for additional gross proceeds of $3,009,000.

The net proceeds will initially be used to pay down outstanding bank debt, and subsequently to increase the 2010/11 capital exploration and development program and for general corporate purposes. Closing of the Financing is expected to occur on or about October 14, 2010.

Emerge is engaged in the exploration for and development and production of oil and natural gas in Western Canada. The Company currently operates within two principal areas, namely, the Lloydminster area of West-Central Saskatchewan and East-Central Alberta and the Battlebend area of East-Central Alberta. Emerge is headquartered in Calgary, Canada.



Forward-Looking Statements

Certain statements contained in this news release constitute "forward-looking statements" under applicable securities laws. These statements relate to future events or future performance and are based on the Company's current expectations, estimates, projections, assumptions and beliefs. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Accordingly, undue reliance should not be placed on these forward-looking statements. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements. In particular, but without limiting the foregoing, this news release contains forward-looking information pertaining to the following: timing of the Company's next credit facility review with its lender. All such forward-looking statements involve known and unknown risks and uncertainties, certain of which are beyond the control of the Company. Such risks and uncertainties include, without limitation: risks associated with oil and natural gas exploration, development, exploitation, production, transportation and marketing; general economic conditions in North America and globally; changes in the demand for Emerge's products; volatility in market prices for oil and gas, and in particular heavy oil; unanticipated fluctuations or declines in production; the effects of adverse weather conditions; changes in foreign currency exchange and interest rates; changes in tax or environmental laws, royalty rates or other regulatory matters affecting the Company and its operations; inaccurate estimation of Emerge's oil and natural gas reserves; ability to attract and retain qualified personnel; increased debt levels or debt service requirements; limited, unfavorable or lack of access to capital markets; and the impact of competitors. The forward-looking statements contained in this news release are made as of the date hereof and the Company does not intend, and does not assume any obligation, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws.



For more information, please contact

Emerge Oil & Gas Inc.
Tom Greschner
Chairman, President and Chief Executive Officer
403-718-3852
tomg@emergeoilandgas.com
or
Emerge Oil & Gas Inc.
Anita Tonn
Vice President, Finance & CFO
403-718-3855
anitat@emergeoilandgas.com
or
Emerge Oil & Gas Inc.
Suite 1800, 250 - 2nd Street SW
Calgary, Alberta, Canada T2P 0C1
403-718-3850
403-718-3851
www.emergeoilandgas.com