Grey Wolf Exploration Inc.
TSX : GWE

Grey Wolf Exploration Inc.

July 15, 2008 09:57 ET

Grey Wolf Updates Horizontal Drilling Activity

CALGARY, ALBERTA--(Marketwire - July 15, 2008) -

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Grey Wolf Exploration Inc. ("Grey Wolf") (TSX:GWE) is pleased to announce that its first 100 percent working interest (W.I.) horizontal well in the Pouce Coupe area of Alberta at 1-27-77-11 W6M has been drilled to total depth of 2,955 metres with minimal problems. Isolation packers were successfully installed in the 885 metre horizontal section of the hole. The Company is encouraged with the potential of the well, due to gas shows encountered while drilling. Completion is planned to take place in the very near future utilizing five fracs in the 100 tonne range. Results should be known in approximately three weeks. As this well has been drilled from an existing surface location that has all necessary facilities and infrastructure, it can be quickly tied-in and placed on production.

Grey Wolf is in the process of licensing four additional horizontal wells in the Pouce Coupe area (100 percent W.I.) and a partner has licensed a fifth horizontal well (Grey Wolf 50 percent W.I.) in the Area.

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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