Grey Wolf Exploration Inc.

Grey Wolf Exploration Inc.

June 08, 2005 11:01 ET

CORRECTION FROM SOURCE: Grey Wolf Boosts 2005 Capital Expenditure Program to $25.3 Million

CALGARY, ALBERTA--(CCNMatthews - June 8, 2005) -

SUBJECT: Correction to June 7, 2005 Press Release -- Number of Net Wells

In a press release issued June 7, 2005, it was reported that the Board of Directors of Grey Wolf Exploration Inc. (TSX:GWE) ("Grey Wolf") had authorized increased 2005 capital spending to a total of $25.3 million from the previously approved $14.75 million.

The release should have read "the expanded program consists of drilling 20 gross (13.1 net) wells" rather than 10.0 net wells.

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

Forward-Looking Statements - Certain information set forth in this document, including management's assessment of Grey Wolf's future plans and operations, contains forward-looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Grey Wolf's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. Grey Wolf's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements. No assurance can be given that any of the events anticipated will transpire or occur, or if any of them do so, what benefits Grey Wolf will derive from them. Grey Wolf disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

The calculation of barrels of oil equivalent ("boe") is based on a conversion ratio of six thousand cubic feet of natural gas to one barrel of oil to estimate relative energy content and does not represent a value equivalency - boes may be misleading, particularly if used in isolation.

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