Orleans Energy Ltd.

Orleans Energy Ltd.

June 02, 2006 23:20 ET

Orleans Energy Announces Acquisition of Morpheus

CALGARY, ALBERTA--(CCNMatthews - June 2, 2006) - Orleans Energy Ltd. (TSX VENTURE:OEX) ("Orleans" or the "Company") is pleased to announce that approximately 97% of the total issued and outstanding common shares and class A voting common shares of Morpheus Energy Corporation (collectively, "Morpheus Shares") have been tendered to Orleans' previously disclosed offer to acquire all of the Morpheus Shares (the "Offer"). The Offer expired today, June 2, 2006, at 4:30 p.m. (Calgary time).

Orleans intends to provide instructions to the depositary under the terms of the Offer to "take-up and pay" all of the Morpheus Shares tendered and deposited to the Offer, with such action anticipated to occur on or before June 7, 2006. Additionally, Orleans intends to proceed with acquiring all of the remaining, non-tendered Morpheus Shares pursuant to the compulsory acquisition provisions of the Business Corporations Act (Alberta).

Orleans Energy Ltd. is a Calgary, Alberta-based emerging crude oil and natural gas company, with common shares trading on the TSX Venture Exchange Inc. under the symbol "OEX". Orleans is a team of dedicated, experienced professionals focused on the creation of shareholder value via acquisition and development of crude oil and natural gas assets in Alberta.

Certain information regarding the Company contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement.

The TSX Venture Exchange Inc. does not accept responsibility for the adequacy or accuracy of this news release.

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