CALGARY, ALBERTA--(Marketwire - Dec. 4, 2012) - Avatar Energy Ltd. ("Avatar") (TSX VENTURE:AVG) announces that, in furtherance to its previously announced strategic review process and its press release dated November 23, 2012, it has concurrently signed a sale agreement and closed, in trust, the sale of its working interest in properties located in the Pembina Strawberry Creek area to an arm's length third party (the "Purchaser") for cash gross proceeds of approximately $1.8 million, minus adjustments (the "Transaction"). The Transaction represents a decrease of $1.41 million in proceeds (as compared to the expected proceeds disclosed by Avatar in its press release dated November 23, 2012). The decrease in proceeds was negotiated in exchange for obtaining the Purchaser's waiver of certain closing conditions.