RedWater Energy Corp.

RedWater Energy Corp.

January 14, 2011 17:08 ET

RedWater Energy Corp. Provides Update to Its Application to Combine 2009 and 2010 Annual General Meeting of Shareholders

OKOTOKS, ALBERTA--(Marketwire - Jan. 14, 2011) - RedWater Energy Corp. ("RedWater" or the "Company") (TSX VENTURE:RED) would like to announce that an application will be made in the Court of Queen's Bench in Calgary, Alberta on the 1st day of February, 2011, at 10:00 a.m. The Company has previously reported that the application would be made on January 28th, 2011, however the court is not in session on that date due to an unannounced day without court sittings.

RedWater will be submitting the application to combine its 2009 and 2010 Annual General Meetings of Shareholders ("AGM") and avoid holding two separate AGM within a short time period. The 2010 AGM is tentatively scheduled for May 12, 2011. The combining of the 2009 and 2010 meetings will result in a substantial cost savings and allow the Company to prepare and provide shareholders the most current Audited Financial Statements, 51-101 Engineering reports and Operations Updates.

As part of the court application, the Corporation will seek an order permitting this press release to serve as sufficient notice to the shareholders of the court application. Any shareholder may receive, upon request, a copy of the revised Originating Application and supporting Affidavit by contacting Philip Carson at Miller Thomson LLP at 403-298-2403.

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, Red Earth, 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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