Brookfield Special Situations Partners Ltd. Acquires 891,843 Common Shares of Insignia Energy

CALGARY, ALBERTA--(Marketwire - Jan. 13, 2011) - Brookfield Special Situations Partners Ltd. ("BSS"), announced today that it has acquired 891,843 common shares of Insignia Energy Ltd. (TSX:ISN) (the "Corporation") under a Private Agreement Exemption. Under the agreement, BSS paid cash consideration of $2.15 per common share of the Corporation. Insignia Energy is a Calgary-based oil and natural gas company engaged in the exploration for and the acquisition, development and production of natural gas and crude oil in Canada.

As a result of this transaction, BSS now holds 17,457,595 Common Shares of the Corporation, representing approximately 56.94% of the currently issued and outstanding Common Shares.

BSS acquired the common shares of Insignia for investment purposes only. BSS intends to review, on a continuous basis, various factors related to its investment, including (but not limited to) the price and availability of the securities of the Corporation, subsequent developments affecting the Corporation or its business, and general market and economic conditions. Based upon these and other factors, BSS may decide to purchase additional securities of the Corporation or may decide in the future to sell all or part of its investment.

A copy of the early warning report in respect of this acquisition will be available at www.sedar.com.

About Brookfield Special Situations Partners

Brookfield Special Situations Partners ("BSS") was established by Brookfield Asset Management Inc. ("Brookfield") to provide long-term capital and strategic assistance to mid-market companies based in North America. BSS seeks investment opportunities in industries in which Brookfield has significant operating expertise or a competitive advantage, including in the industrial products, building materials, metals and mining, homebuilding, forest products, oil and gas and manufacturing sectors. The BSS team operates out of offices in Toronto, New York, Calgary, Vancouver and Montreal.

NOTE: The statements in this press release concerning Brookfield's future intentions regarding Brookfield's investment in Insignia Energy Ltd.'s Common Shares may contain forward-looking information and other "forward looking statements", within the meaning of certain securities laws, including Section 27A of the Securities Act of 1933, as amended, Section 21 E of the Securities Exchange Act of 1934, as amended, "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and in any applicable Canadian securities regulations. Forward looking statements are identified by words such as, but not limited to, "could", "may", and "will". Readers are cautioned that actual results may vary from the forward-looking information contained herein. We may make such statements in this release, in other filings with Canadian regulators or the SEC or in other communications. The reader should not place undue reliance on forward-looking statements and information because they involve known and unknown risks, uncertainties and other factors.