Grey Wolf Exploration Inc.

Grey Wolf Exploration Inc.

March 02, 2005 12:56 ET

Grey Wolf Exploration Inc. Announces Appointment of Director and Officers and Secured a $10 Million Revolving Credit Facility


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: GREY WOLF EXPLORATION INC.

TSX SYMBOL: GWE

MARCH 2, 2005 - 12:56 ET

Grey Wolf Exploration Inc. Announces Appointment of
Director and Officers and Secured a $10 Million
Revolving Credit Facility

CALGARY, ALBERTA--(CCNMatthews - March 2, 2005) - Grey Wolf Exploration
Inc. (TSX:GWE) ("Grey Wolf") is pleased to announce the appointment of
Mr. James C. Smith to its Board of Directors. In addition, Mr. Smith has
replaced Mr. Robert L. G. Watson as Chairman of the Audit and Governance
Committees.

Mr. Smith is currently Chief Financial Officer of Mercury Energy
Corporation and member of the Boards of Directors of Grand Petroleum
Inc. and TAG Oil Ltd. He brings to Grey Wolf's Board over 30 years of
solid industry expertise as an executive of major companies such as
Amoco Canada, Crestar Energy and Dome Petroleum. Mr. Smith is a
Chartered Accountant and holds a Bachelor of Arts degree from the
University of Toronto. He has also completed the Program of Senior
Executives at Massachusetts Institute of Technology.

Mr. Robert Watson, Chairman and Chief Executive Officer of Grey Wolf
also wishes to report that the Board has confirmed the following
appointment of officers:



Name Title

Robert L. G. Watson Chairman and Chief Executive Officer
Vincent J. Tkachyk President and Chief Operating Officer
Robert A. Johnson Executive Vice President, Exploration
Francis T. W. Cheung Chief Financial Officer
J. Michael Fabi Vice President, Engineering
H. Gordon Love Vice President, Operations
Dwight T. Ostrosser Vice President, Land
Dawne L. Stirling Manager, Investor Relations and
Corporate Secretary


Mr. Watson stated, "I believe we have assembled a superior management
team with the expertise and focus required to enable Grey Wolf to
continue to deliver strong and consistent growth".

In addition, Grey Wolf is pleased to confirm that proceeds received from
the Initial Public Offering were used to entirely repay its term loan
and the inter-company debt owed to Abraxas Petroleum Corporation. Grey
Wolf has now obtained a $10 million revolving credit facility with a
Canadian chartered bank.

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. It's 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.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Grey Wolf Exploration Inc.
    Dawne L. Stirling
    Manager, Investor Relations and Corporate Secretary
    (403) 218-1473
    Email: dstirling@greywolf.ca