TORONTO, Dec. 13, 2012 /CNW/ – William E. and Susan C. Oberndorf Trust
dated 10/19/1998, Oberndorf Family Partners and William E. Oberndorf
IRA (the “Oberndorf Entities”) announced today that as a result of
purchases over the Toronto Stock Exchange, they have acquired an
aggregate of 8,417,000 common shares of Spartan Oil Corporation
(“Spartan Oil”), representing approximately 10.09% of the issued and
outstanding common shares of Spartan Oil (based on a total of
83,393,796 common shares issued and outstanding).

William E. Oberndorf is the sole general partner of Oberndorf Family
Partners, a family partnership, trustee for the William E. and Susan C.
Oberndorf Trust dated 10/19/1998 and beneficial owner of the IRA
account. As such, William E. Oberndorf may be considered to exercise
control or direction over the common shares owned by the Oberndorf
Entities.

The Oberndorf Entities acquired the common shares for investment
purposes. Consistent with such purpose, the Oberndorf Entities have
had, and may have in the future, discussions with management of Spartan
Oil and may make suggestions concerning Spartan Oil’s operations,
prospects, business and financial strategies, assets and liabilities,
business and financing alternatives and such other matters as the
Oberndorf Entities may deem relevant to their investments in the common
shares and other securities of Spartan Oil. Each of the Oberndorf
Entities expects that it will, from time to time, review its investment
position in Spartan Oil and may, depending on market and other
conditions, including, but not limited to, the state of the current
acquisition transaction for Spartan Oil, increase or decrease its
investment position in the common shares or other securities of Spartan
Oil.

Whether the Oberndorf Entities acquire any additional common shares or
other securities of Spartan Oil or dispose of any common shares or
other securities of Spartan Oil, and the amount and timing of any such
transactions, will depend upon the Oberndorf Entities’ individual
continuing assessments of pertinent factors, including, but not limited
to, the state of the current acquisition transaction for Spartan Oil,
the availability of common shares or other securities of Spartan Oil
for purchase at particular price levels, Spartan Oil’s and the
particular Oberndorf Entity’s business and prospects, other business
investment opportunities available to the particular Oberndorf Entity,
economic conditions, stock market conditions, money market conditions,
the attitudes and actions of the board of directors and management of
Spartan Oil, the availability and nature of opportunities to dispose of
the particular Oberndorf Entity’s interest in Spartan Oil, to realize
trading profits or minimize trading losses, and other plans and
requirements of the particular Oberndorf Entity. Depending upon its
individual assessments of these factors from time to time, each
Oberndorf Entity may change its present intentions as stated above,
including determining to acquire additional common shares or other
securities of Spartan Oil (by means of open market or privately
negotiated purchases) or to dispose of some or all of the common shares
or other securities of Spartan Oil held by or under the control of such
Oberndorf Entity. In addition, each Oberndorf Entity may from time to
time enter into equity swap or other derivative transactions with
respect to its investment in the common shares or other securities of
Oberndorf.

William Oberndorf will be filing a report (as contemplated by National
Instrument 62-103 – The Early Warning System and Related Takeover Bid and Insider Reporting
Issues) in connection with the acquisition of the Spartan Oil common shares.

SOURCE William E. Oberndorf