Texalta Petroleum Ltd.

Texalta Petroleum Ltd.

October 08, 2010 19:00 ET

Texalta Grants Options

CALGARY, ALBERTA--(Marketwire - Oct. 8, 2010) - Texalta Petroleum Ltd. ("Texalta") (TSX VENTURE:TEX.A) announces that pursuant to its Stock Option Plan, the Company has granted incentive stock options to its Directors, Officers and two Consultants, allowing for the purchase of a total of 2,200,000 common shares at a price of $0.50 per share; the market price on October 7, 2010. These options have a term of 5 years with an expiry date of October 6, 2015.

At this time, including the options granted today, there are 3,450,000 options with expiry dates ranging from June 2012 to October 2015 at an average exercise price of $0.32. There are 35,108,750 issued shares as of this date bringing the total of issued and outstanding shares to 38,558,750.

TEX.A is a Calgary based company engaged in the exploration, acquisition and development of prospective oil & gas properties in Saskatchewan and Alberta, Canada. The company's wholly owned subsidiary, Texalta Australia Pty. Ltd. holds a 50 percent working interest in two exploration permits covering in excess of 5.5 million acres of prospective land in the Georgina Basin, Northern Territory, Australia.

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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