April 03, 2006 15:13 ET

Arapahoe Energy Corporation Announces Granting of Stock Options

CALGARY, ALBERTA--(CCNMatthews - April 3, 2006) - Arapahoe Energy Corporation (the "Corporation") (TSX VENTURE:AAO) announces that it has granted stock options to purchase 995,000 common shares to various officers, employees and consultants of the Corporation. The options were granted with an exercise price of $0.57 per share. All options will expire on April 2, 2011. Three officers of the Corporation received an aggregate of 900,000 of the 995,000 options granted. The options for the officers of the Corporation vest immediately on issuance. The options for other employees and consultants vest over a two year period. The stock option grant is subject to regulatory approval. The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the grant of options.

The Corporation is a publicly traded junior oil and natural gas exploration company with its shares listed on the TSX Venture Exchange under the trading symbol "AAO". The Corporation is engaged in the exploration, development and production of oil and natural gas in Western Canada.

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

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