Grey Wolf Exploration Inc.
TSX : GWE

Grey Wolf Exploration Inc.

June 13, 2008 11:02 ET

Grey Wolf Markets Knopcik Properties and Commences Horizontal Operations

CALGARY, ALBERTA--(Marketwire - June 13, 2008) -

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Grey Wolf Exploration Inc. ("Grey Wolf") (TSX:GWE) is pleased to announce that CIBC World Markets Inc. has been engaged as agent to market certain properties in the Knopcik area of West Central Alberta. The properties currently produce 300 barrels of oil equivalent per day and have development and multi-zone, close-in exploration opportunities. The proceeds will be used to reduce leverage and accelerate horizontal drilling in Grey Wolf's Doig/Montney resource play at Pouce Coupe.

Operations have commenced on the first horizontal well planned for Pouce Coupe. The well will be drilled to terminate at 1-27-77-11 W6M (GWE 100%). Additional 100% working interest and partner operated 50% working interest horizontal wells are planned for the balance of 2008, which should see near continuous drilling on this important resource play.

Grey Wolf is an Alberta-based oil and natural gas company involved in the exploration, development and production of natural gas and crude oil in the Western Canadian Sedimentary Basin. Grey Wolf operates horizontal resource plays in the Doig and Montney of the Peace River Arch and the Horn River Shale at Petitot. Conventional operations include the gas reservoirs of the Slave Point at Petitot and the gas reservoirs in the Cardium, Viking and Mannville of Caroline. The Company's common shares trade on the Toronto Stock Exchange under the symbol "GWE".

Forward-Looking Statements - Certain statements contained in this Media Release 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 Media Release should not be unduly relied upon. These statements speak only as of the date of this Media Release. We assume no obligation to revise or update these statements except as required pursuant to applicable securities laws.

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