TORONTO, Sep 24, 2012 – Indaba Capital Fund, L.P. (“Indaba Capital Fund”), c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman KY1-1104, Cayman Islands, today announced that it acquired ownership and control of 2,621,441 common shares (the “Shares”) of NiMin Energy Corp. (the “Company”), representing approximately 3.75% of the issued and outstanding Shares of the Company, at a price of C$1.05 per Share.

As a result of this acquisition, Indaba Capital Fund owns and controls 9,557,757 Shares of the Company representing approximately 13.69% of the issued and outstanding Shares of the Company. Indaba Capital Fund acquired the Shares via open market purchases on the Toronto Stock Exchange (TSX) for investment purposes in the ordinary course of its business and it may, alone, or together with any other person or company acting jointly or in concert with Indaba Capital Fund, further purchase, hold, vote, trade, dispose of or otherwise deal in the Shares of the Company at such times, and in such manner, as it deems advisable.

A report containing additional information in respect to the foregoing may be obtained by contacting Hank Brier at (415) 680-1180 or [email protected].