Roadrunner Oil & Gas Inc.

October 16, 2008 09:30 ET

Roadrunner Oil & Gas Appoints New Chief Financial Officer

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2008) - Effective October 1, 2008, Roadrunner Oil & Gas Inc. (TSX VENTURE:ROA) is very pleased to announce the appointment of Mr. Kirk Stingley to the position of Chief Financial Officer of the Company.

As Chief Financial Officer, Mr. Stingley brings over 20 years of diverse financial and accounting leadership experience to Roadrunner. Throughout his career, Mr. Stingley has specialized in directing SEC compliance and reporting activities; overseeing investor relations; and corporate accounting and financial management functions in both public and private company sectors. Mr. Stingley has materially participated in numerous capital acquisition efforts that raised more than $800 million from public offerings. His professional experience also includes participation in M&A task forces charged with identifying and integrating companies in order to gain competitive advantages.

Company President Brad Colby states, "Kirk's experience and professional skills set are perfect compliments to Roadrunner's aggressive, forward looking management style. Regardless of market conditions, leading companies are always looking to build on their competitive edge. Kirk's appointment as our CFO certainly affords Roadrunner an opportunity to do just that. He is a welcome addition to the team."

Mr. Stingley began his career with Coopers & Lybrand in Houston, Texas, where he provided auditing and consulting services to a number of private and publicly traded companies whose principle activities involved the exploration, development and operation of oil and gas properties. Mr. Stingley successfully earned his Certified Public Accounting distinction in 1990 and holds an active CPA license in Colorado. Mr. Stingley is also the Chief Financial Officer of Eternal Energy, Corp.

Concurrent with Mr. Stingley's appointment, the Company has issued an employee stock option plan to Mr. Stingley. Terms of the option agreement include the issuance of 200,000 stock options; 33% of which vest immediately, and an additional 33% in year one and year two on the anniversary of the original issue date. The options are valid for a period of five years from the date of vesting and carry an exercise price of $0.62.

About Roadrunner Oil & Gas:

With operations based Denver, Colorado and Houston, Texas, Roadrunner Oil & Gas is a well funded TSX Tier 2 corporation with a world-class management and exploration team. Utilizing unconventional state-of-the-art drilling technologies, the company is engaged in the acquisition, exploration, development, and production of oil and gas resources. Projects are currently situated in the states of Michigan, Utah, and Colorado.

Forward-Looking Information: We seek safe harbor.

Issued and Outstanding: 71,028,330

The TSX Venture Exchange has not reviewed and does not accept the responsibility for the adequacy or accuracy of this news release.

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