TSX-V: TWR

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VANCOUVER, BC: Tower Energy Ltd. (the "Company") announces that it has arranged, subject to regulatory approval, to increase the size of the previously announced (see PR dated September 10, 2010) non-brokered private placement (the "Offering") to a total of up to 30,000,000 Units (the "Units") at a price of $0.05 per Unit for gross proceeds of up to $1,500,000. Each Unit will consist of one common share of the Company (a "Share") and one transferable common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Share at a price of $0.10 for a period expiring five-years from the date of issuance.

Closing of the Offering is subject to the receipt of all necessary corporate and regulatory approvals, including those of the TSX Venture Exchange. Proceeds from the Offering will be used by the Company for general working capital. All securities issued in connection with the Offering will be subject to a statutory hold period of four months plus one day from the date of completion of the Offering, in accordance with the applicable securities legislation.

TOWER ENERGY LTD.

"Mark Vanry"
President & CEO

Suite 400 -- 999 W. Hastings Street 
Vancouver, BC, Canada V6C 2W2 
Tel: (604) 891-3260
Cell: (778) 997-7573 
Fax: (604) 677-6276 
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Neither the TSX Venture Exchange nor its Regulatory Service (as that term is defined in the polices of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.