Roadrunner Oil & Gas Inc.

February 09, 2010 09:00 ET

Roadrunner Announces Upward Repricing of Stock Options

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 9, 2010) - Roadrunner Oil & Gas Inc. ("Roadrunner" or the "Company") (TSX VENTURE:ROA), announces that the Board of Directors has approved an upward repricing of the previously announced grant of stock options to certain directors and senior officers, consultants and employees of the Company under the Company's Stock Option Plan (see the press release of the Company dated January 26, 2010).

Roadrunner had granted options at an exercise price of $0.17 per common share. Pursuant to the repricing, these options will instead have an exercise price of $0.20. After further consideration of this option grant, the Board of Directors believes that an increased exercise price better reflects the intrinsic value of the Company. The options have a 5 year term expiring on February 8, 2015 and vest as to one third on each of the first, second and third year anniversaries of the date of grant, meaning that no options vest until February 8, 2011.

Of the total grant of options, approximately 50% are to the executive officers and senior management and 33% are to the Board of Directors. The balance of options were granted to employees and consultants of the Company.

As part of the amalgamation of Bowood Energy Corp. and Roadrunner effective December 22, 2009, executive and senior management of Bowood agreed to terminate all options, which were fully vested, to facilitate the amalgamation of the two companies. A significant number of the Roadrunner options granted pursuant to the above are replacement options for the former management, employees and consultants of Bowood Energy Corp.

About Roadrunner Oil & Gas

With operations based in Calgary, Alberta, Roadrunner Oil & Gas Inc. is a TSX-V Tier 2 corporation. Through its wholly owned subsidiary, Bowood Energy Ltd., the Company is engaged in the acquisition, exploration, development, and production of oil and gas resources. Projects are currently situated in the Provinces of Alberta and Saskatchewan.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. 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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