Solana Sells to Finance Colombian Exploration

Solana Resources has entered into an agreement to sell to a syndicate of underwriters, on a "bought deal" basis, 19,800,000 common shares at a price of C$2.20 per common share for gross proceeds of C$43,560,000.

The syndicate will be lead by Tristone Capital Inc. and will include Orion Securities Inc., Westwind Partners Inc. and Toll Cross Securities Inc., collectively.

In addition, Solana has granted the Underwriters an over-allotment option to acquire up to an additional 2,970,000 common shares at a price of C$2.20 per common share at any time within 30 days of the closing date. If the over-allotment option is exercised in full, additional gross proceeds will be C$6,534,000 for total gross proceeds of C$50,094,000. The offering will be made in the provinces of British Columbia, Alberta, and Ontario by way of short form prospectus. The offering is scheduled to close on or about November 14, 2007.

Solana plans to use the net proceeds of this offering to fund exploration and development of its Colombian oil and gas assets and for general corporate purposes.