ARAPAHOE ENERGY CORPORATION
TSX VENTURE : AAO

ARAPAHOE ENERGY CORPORATION

September 23, 2005 13:07 ET

Arapahoe Energy Corporation Clarifies Joint News Release

CALGARY, ALBERTA--(CCNMatthews - Sept. 23, 2005) - Arapahoe Energy Corporation (TSX VENTURE:AAO) (the "Corporation") wishes to clarify the joint news release issued earlier today regarding the C1 et al Sarcee 12-13-23-4 W4M well (the "Test Well").

As previously announced Arapahoe will have a 19.25% earned interest in the Test Well and surrounding 4 sections (2,560 gross acres). The balance of the 45% interest to be earned as stated in the joint press release issued earlier today, is held by a variety of public and private companies.

Arapahoe further wishes to clarify that it owns a 75% to a 100% leasehold interest in approximately 20,800 gross acres located on the Tsuu T'ina First Nation.

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. Arapahoe's primary area of exploration focus is the Alberta Foothills specifically on the Tsuu T'ina First Nation (Sarcee Area) immediately west of the City of Calgary.

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

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