Pine Cliff Energy Ltd.

October 30, 2007 23:59 ET

Pine Cliff Energy Ltd. announces granting of stock options

CALGARY, ALBERTA--(Marketwire - Oct. 30, 2007) - Pine Cliff Energy Ltd. ("Pine Cliff" or the "Corporation") announces that, in accordance with the Corporation's stock option plan, the Corporation has granted stock options to purchase 1,006,000 common shares of the Corporation (including 525,000 granted to officers and directors) at an exercise price of $1.18 to certain directors, officers, employees and consultants of the Corporation. These stock options expire June 30, 2010 and vest over one or two year periods. After the issuance of these stock options there will be a total of 3,053,000 options outstanding which represents 6.7% of the total issued shares. The grant of the foregoing options is subject to the approval of the Exchange and, if requested by the Exchange, the shareholders of the Corporation.

Forward Looking Statements

This press release may contain forward-looking statements including expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projects relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuation and uncertainties resulting from the potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect Pine Cliff's operations or financial results are included in Pine Cliff's reports on file with Canadian securities regulatory authorities that may be accessed at www.sedar.com.

Contact Information

  • Pine Cliff Energy Ltd.
    George F. Fink
    President and CEO
    (403) 269-2289
    Fax: (403) 265-7488

    OR

    Pine Cliff Energy Ltd.
    Randy M. Jarock
    COO
    (403) 269-2289
    Fax: (403) 265-7488


    OR


    Pine Cliff Energy Ltd.
    Kirsten Kulyk
    Manager, Investor Relations
    (403) 269-2289
    Fax: (403) 265-7488
    info@pinecliffenergy.com