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

Redcliffe Exploration Inc.

December 19, 2007 09:00 ET

Redcliffe Completes Private Company Acquisition

CALGARY, ALBERTA--(Marketwire - Dec. 19, 2007) -

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

Redcliffe Exploration Inc. ("RXI") (TSX VENTURE:RXI.A)(TSX VENTURE:RXI.B)is pleased to announce that it has completed the previously announced plan of arrangement (the "Arrangement") involving RXI, its wholly-owned subsidiary, Redcliffe Exploration Ltd. ("REX"), and Redcliffe Energy Ltd. ("REL"), a related private company. Under the terms of the Arrangement, approved by shareholders of both RXI and REL, RXI acquired all of the 13,625,837 issued and outstanding common shares of REL in exchange for approximately 10,645,007 Class A shares and 391,331 Class B shares of RXI. In addition, RXI, REX and REL were amalgamated and will continue as one corporation under the name Redcliffe Exploration Inc.

RXI is a Calgary, Alberta based company engaged in the exploration for, and development and production of conventional crude oil and natural gas reserves in western Canada. RXI's strategy is to build shareholder value through internally generated exploration and development drilling, and through selective acquisitions. RXI's areas of operational focus include the Pembina and Peace River Arch areas of Alberta.

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, Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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