RedWater Energy Corp.

RedWater Energy Corp.

December 06, 2010 09:15 ET

RedWater Provides Recompletion, Drilling Activity and Acquisition Update

OKOTOKS, ALBERTA--(Marketwire - Dec. 6, 2010) - RedWater Energy Corp. ("RedWater" or the "Company") (TSX VENTURE:RED) is pleased to report that its recompletion and drilling program is underway. RedWater began its recompletion program in early November in the Company's core areas of Redwater, Red Earth, Westlock and Fairydell-Bon Accord. Results to date have been encouraging with new oil production being brought on stream. The Company plans to announce results over the coming weeks once production levels have stabilized. In addition, the Company has reactivated winter production Slave Point wells at Red Earth. A Leduc Pinnacle reef oil well at Fairydell-Bon Accord has been reactivated to evaluate the potential for a future new horizontal drilling location.

Conventional drilling in the Redwater area will commence in January targeting Manville light oil. RedWater has assembled a horizontal and conventional drilling and recompletion inventory of over 30 primarily 100% working interest wells in its core areas.

In addition, Redwater continues to strategically add prospects with new land acquisitions. Of most significance, the Company acquired four sections of undeveloped crown and freehold land in the Redwater area. This land is prospective for Viking and Bruderheim light oil. Redwater holds a total of 26.4 net sections (16,888 net acres) of petroleum and natural gas rights within its emerging Redwater Viking and Bruderheim light oil play and total of 50.9 net sections (32,590 net acres) of petroleum and natural gas rights throughout Central Alberta.

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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