Grey Wolf Exploration Inc.

Grey Wolf Exploration Inc.

January 14, 2008 16:32 ET

Grey Wolf Spuds Petitot Exploratory Well and Announces Capital Program

CALGARY, ALBERTA--(Marketwire - Jan. 14, 2008) -


Grey Wolf Exploration Inc. ("Grey Wolf") (TSX:GWE) today announced that on Sunday, January 13, 2008, it spudded its first well in its newly created exploration play in the Petitot area located in northwestern Alberta. The well will be drilled horizontally, targeting natural gas in the Slave Point formation. Grey Wolf plans to drill two additional exploratory wells in the area this winter season, the first of which is scheduled to spud within the next two weeks. Four additional exploratory wells are planned for fiscal 2008, two in Valhalla, and two in Widewater. Seismic programs in Petitot and Valhalla complete our exploration program for 2008.

Bob Watson, Chairman and Chief Executive Officer of Grey Wolf stated "As previously reported, the Company has had significant shut-in gas reserves in the Petitot area for a number of years, with additional exploratory and development targets on its large land position. If successful, the 2008 exploratory wells could lead to a significant development program within the area in the coming years."

In addition, the Company announced that its Board of Directors has approved a total 2008 capital budget of $35 million, including the $20 million exploration program. The remaining $15 million will be largely invested in continuing the exploitation of its Pouce Coupe properties. Horizontal drilling in Doig and Montney reservoirs is being closely investigated.

Grey Wolf is an Alberta-based oil and natural gas company involved in the development and production of natural gas and crude oil in the Western Canadian Sedimentary Basin. It's common shares trade on the Toronto Stock Exchange under the symbol "GWE".

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