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Dundee Energy Limited Renews Its Normal Course Issuer Bid

TORONTO, ONTARIO -- (Marketwired) -- 05/02/14 -- Dundee Energy Limited (TSX: DEN) ("Dundee Energy" or the "Company") today announced receipt of regulatory approval respecting its intention to continue its normal course issuer bid (the "Bid") through the facilities of the Toronto Stock Exchange ("TSX") from May 7, 2014 to May 6, 2015. Dundee Energy may purchase up to a maximum of 9,410,209 of its common shares ("Common Shares"), representing approximately 5% of the Common Shares issued and outstanding as of April 30, 2014. As of April 30, 2014, there were 188,204,184 Common Shares issued and outstanding. Dundee Energy may purchase up to 7,056 Common Shares during any trading day, which represents 25% of its average daily trading volume, being 28,226 Common Shares for the most recently completed six calendar months prior to TSX acceptance of the notice of normal course issuer bid, other than pursuant to a block purchase exception. The purchases will be made in accordance with the policies and rules of the TSX. The price paid for any Common Shares acquired will be the market price at the time of purchase and all Common Shares purchased under the Bid will be cancelled.

Dundee Energy believes that the purchase of its Common Shares at current market values represents a good long-term investment for the Company. To date, the Company has not purchased any Common Shares through the facilities of the TSX under its current normal course issuer bid which came into effect on May 6, 2013 and will expire on May 5, 2014.

ABOUT THE COMPANY

Dundee Energy Limited is a Canadian-based oil and natural gas company with a mandate to create long-term value for its shareholders through the exploration, development, production and marketing of oil and natural gas, and through other high impact energy projects. Dundee Energy holds the largest accumulation of producing oil and gas assets in Ontario, and indirectly holds a 24.6% interest in the Castor offshore underground natural gas storage facility in Spain. The Company's common shares trade on the Toronto Stock Exchange under the symbol "DEN".

Contacts:
Dundee Energy Limited
c/o Dundee Corporation
21st Floor, 1 Adelaide Street East
Toronto, ON M5C 2V9

Dundee Energy Limited
Jaffar Khan
President & CEO
(403) 264-4985
(403) 262-8299 (FAX)
www.dundee-energy.com

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