Grand Petroleum Inc.
TSX VENTURE : GPP

Grand Petroleum Inc.

December 14, 2006 17:16 ET

Grand Petroleum Inc. Announces GPP Approval in Sylvan Lake and Achieving Year-End Exit Rate

CALGARY, ALBERTA--(CCNMatthews - Dec. 14, 2006) -

THIS PRESS RELEASE IS NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES.

Grand Petroleum Inc. (TSX VENTURE:GPP) ("Grand" or the "Corporation") has received Good Production Practice ("GPP") approval for its well at 102/1-6-37-3W5M. The well has commenced production and is expected to produce at approximately 225 barrels of oil equivalent per day ("boe/d"), assuming per barrel of oil equivalent (boe) amounts have been calculated using a conversion rate of 6,000 cubic feet of natural gas to one barrel of oil (6:1). Grand estimates from field receipts that it is currently producing in excess of 3,700 boe/d, and has achieved its forecasted exit rate of between 3,700 boe/d and 4,000 boe/d, with additional production gains to be achieved late in 2006 or within the first two weeks of 2007.

Certain information set forth in this press release contains forward-looking statements. 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, reliance should not be placed on forward-looking statements. Grand's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Grand will derive therefrom. Grand 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 TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

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