Redcliffe Exploration Inc.
TSX VENTURE : RXI.A
TSX VENTURE : RXI.B

Redcliffe Exploration Inc.

November 24, 2006 11:08 ET

Redcliffe Announces Q3 2006 Results

CALGARY, ALBERTA--(CCNMatthews - Nov. 24, 2006) -

This news release is not for dissemination in the United States or to U.S. persons.

Redcliffe Exploration Ltd. (TSX VENTURE:REL.A) (TSX VENTURE:REL.B) ("Redcliffe" or the "Company") is pleased to announce its financial and operating results for the three months ended September 30, 2006 and the period from May 4, 2006 (date of incorporation) to September 30, 2006.

Redcliffe has filed its unaudited interim financial statements for the three months ended September 30, 2006 and the period from May 4, 2006 (date of incorporation) to September 30, 2006, and the related Management's Discussion and Analysis with Canadian securities regulatory authorities. These filings are available at www.sedar.com.

Highlights:

- Successfully raised founder equity capital of $1,350,000 and closed an initial public offering of flow-though equity capital on August 31, 2006 for gross proceeds of $12,250,000.

- Commenced trading on the TSX Venture Exchange on September 12, 2006.

- Entered into strategic joint ventures with Redcliffe Energy Ltd. and Great Plains Exploration Inc., thereby providing the Company with significant prospect inventory and potential exploration areas.

- Commenced drilling activity in October 2006.

- Entered into an amalgamation agreement with a private junior oil and gas company on November 20, 2006, thereby, subject to closing, creating a combined company with a strengthened asset base, expanded drilling opportunities, significant tax pools and financial strength.

Redcliffe is a Calgary, Alberta based company engaged in the exploration for, and development and production of, crude oil and natural gas in western Canada. The Company's Class A and Class B shares trade on the TSX Venture Exchange under the symbols REL.A and REL.B, respectively.

Forward-Looking Statements: This news release contains statements about future events that are forward looking in nature and, as a result, are subject to certain risks and uncertainties such as changes in plans or the occurrence of unexpected events. Actual results may differ from the estimates provided by management.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Redcliffe Exploration Ltd.
    Daryl H. Connolly
    President & CEO
    (403) 539-8440
    (403) 539-8433 (FAX)
    Email: dconnolly@redcliffe.ca
    or
    Redcliffe Exploration Ltd.
    George Gramatke
    Vice President, Finance & CFO
    (403) 539-8442
    (403) 539-8433 (FAX)
    Email: ggramatke@redcliffe.ca