Grey Wolf Exploration Inc.
TSX : GWE

Grey Wolf Exploration Inc.

March 23, 2009 17:31 ET

Grey Wolf's Borrowing Base Increased to $60 Million

CALGARY, ALBERTA--(Marketwire - March 23, 2009) -

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

Grey Wolf Exploration Inc. ("Grey Wolf") (TSX:GWE) is pleased to announce that as a result of an early review of the Company's borrowing base, the lender has offered to increase the Company's line of credit to $60 million subject to periodic review, with the next review scheduled for September, 2009. The Company has accepted this offer of financing, effective immediately.

"We believe the increase in our borrowing base confirms the success experienced by Grey Wolf during the past year" stated Mr. Bob Watson, Chairman and Chief Executive Officer of Grey Wolf. "While we currently have no intention of utilizing the additional funding, it provides the Company with the flexibility, if needed."

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 at Caroline. The Company's common shares trade on the Toronto Stock Exchange under the symbol "GWE".

Contact Information

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