RedWater Energy Corp.
TSX VENTURE : RED

RedWater Energy Corp.

April 20, 2011 09:15 ET

RedWater Energy Announces Exploration and Production Acquisition

OKOTOKS, ALBERTA--(Marketwire - April 20, 2011) - RedWater Energy Corp. ("RedWater") (TSX VENTURE:RED) announced today it has closed an acquisition of developed and undeveloped land and associated equipment in the Redwater area of Alberta for $450,000. The acquired lands currently produce 109 mcf per day and 3 bopd (21 boepd) with an additional 310 mcf per day (52 boepd) behind pipe. The purchase includes approximately 12 net sections of land, wells and pipelines located primarily in the Redwater area. The transaction closed on April 13, 2011 and is effective January 1, 2011.

"Two initial horizontal and conventional drilling locations have been identified targeting Viking and Manville light oil with step out locations upon success. This acquisition further increases the Company's current inventory of 20+ light and medium oil drilling locations." stated Gary Waters, Chairman, President and CEO of RedWater.

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. www.redwaterenergy.com.

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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