Grey Wolf Exploration Inc.
TSX : GWE

Grey Wolf Exploration Inc.

November 29, 2007 09:00 ET

Grey Wolf Exploration Inc. Announces Sale of Shares Pursuant to Previously Announced Flow Through Equity Financing

CALGARY, ALBERTA--(Marketwire - Nov. 29, 2007) -

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

Grey Wolf Exploration Inc. ("Grey Wolf" or the "Company") (TSX:GWE) is pleased to announce that it has completed the sale of 5,033,384 flow-through common shares at a price of CDN$2.55 per share pursuant to its previously announced equity financing, for gross proceeds of CDN$12,835,129. The shares were sold through a syndicate of underwriters that was led by CIBC World Markets Inc. and included BMO Nesbitt Burns Inc. and Salman Partners. The sale of an additional 2,810,616 flow-through common shares is to be completed on or before December 27, 2007. The net proceeds of the financing will be used to fund Grey Wolf's 2008 exploratory program in the Petitot, Pouce Coupe, Valhalla and Widewater areas.

Forward Looking Statements: Certain information regarding the Company in this news release including the anticipated use of the net proceeds of the financing, may constitute forward-looking statements under applicable securities laws and necessarily involve risks including, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, the timing and length of plant turnarounds and the impact of such turnarounds and the timing thereof, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources. Although Grey Wolf believes that the expectations reflected in these forward looking statements are reasonable, undue reliance should not be placed on them because Grey Wolf can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.

The forward looking statements contained in this press release are made as of the date hereof and Grey Wolf undertakes no obligation to update publicly or revise any forward looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The securities offered have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirement. This media release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there by any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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".

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