Grey Wolf Exploration Inc.

Grey Wolf Exploration Inc.

April 23, 2007 15:17 ET

Grey Wolf Announces Current Production Levels

CALGARY, ALBERTA--(CCNMatthews - April 23, 2007) - Grey Wolf Exploration Inc. ("Grey Wolf") (TSX:GWE) is pleased to announce that since its media release on April 13th advising that natural gas production from the Pouce Coupe area is flowing to the Gordondale East gas plant, current production has risen to 3,012 barrels of oil equivalent per day ("boe/d") with an additional estimated 150 boe/d of production expected to be onstream in the near future.

This level includes production of 2 million cubic feet per day from the 2-17-77-10 W6M well (100% GWE working interest), but does not include production from the remaining 3 gross (1.75 net) wells drilled during the first quarter which are currently being tied in. In addition, the shut in Cardium production in the Caroline area, where Grey Wolf expects an incremental 300 - 400 boe/d, is scheduled to come onstream in mid-May.

Grey Wolf is an Alberta-based 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 statements contained in this Annual Information Form constitute forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. We believe the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this Annual Information Form should not be unduly relied upon. These statements speak only as of the date of this Annual Information Form. We assume no obligation to revise or update these statements except as required pursuant to applicable securities laws.

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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