RedWater Energy Corp.

RedWater Energy Corp.

March 14, 2011 16:30 ET

RedWater Announces Grant of Stock Options

OKOTOKS, ALBERTA--(Marketwire - March 14, 2011) - RedWater Energy Corp. (TSX VENTURE:RED) ("RedWater") announced today, that its board of directors has approved the grant of 439,750 stock options to certain officers, directors and consultants of RedWater at an exercise price of $0.48 per common share expiring on March 14, 2021.

RedWater currently has 24,599,221 issued and outstanding common shares and accordingly can grant up to 2,459,922 stock options. RedWater currently has 2,434,750 stock options outstanding.

Business of RedWater Energy Corp.

RedWater Energy Corp. is a junior oil and gas exploration and development company. RedWater is engaged in the acquisition, enhancement and exploration of conventional oil and gas projects in Western Canada with a focus on developing high working interest light oil opportunities. RedWater's core properties are located in Redwater, Westlock, and Fairydell-Bon Accord areas of Alberta.

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although RedWater believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, RedWater disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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