GBE Lifestyle Global Brands Limited

Grand Banks Energy Corporation (TSX VENTURE:GBE) (the "Company" or "Grand
Banks") is pleased to announce that the 2-21-55-27 W5M Leduc gas discovery well
produced during the month of August at gross raw rates between 21 and 23 million
cubic feet per day (mmcf/d). The Company's net share of sales gas is
approximately 3.0 mmcf/d or 500 barrels of oil equivalent per day (boe/d).


The 2-21 well was shut in on Friday, August 31 so that a pressure build-up test
could be done on the well. Bottom hole pressure recorders that were run in the
hole prior to the start up of the 2-21 will be retrieved and the flow and build
up data will be analyzed to assist in the determination of the pool's ultimate
recoverable reserves.


The second well at Tower Creek, a 4,500 meter Wabamun test located at
11-26-55-27-W5M, which commenced drilling on June 16, 2007, has been abandoned.
This well encountered severe hole problems which, after considerable effort,
could not be overcome, and a decision was made by the working interest partners
to junk and abandon the well. The bottom hole abandonment has been finished and
the drilling rig is currently in the process of rigging out.


The total cost of the 11-26 well, excluding recoverable items, is expected to be
approximately $11 million. The total amount that had been budgeted for the
drilling of the well was $18 million. Grand Banks' share of the dry hole costs
is 22.13%, or approximately $2.4 million. Grand Banks owns an 8.33% working
interest in the lands that overlie the Wabamun prospect, subject to a 7.5% GORR.
Additional interests in the lands were not earned because the well could not be
drilled to the contract depth. Grand Banks and its partners have elected not to
drill a substitute earning well.


With the costs incurred to date on the 11-26 well and the costs associated with
the two 3D seismic programs recently shot in Saskatchewan and Manitoba, the
Company has incurred more than enough qualifying expenditures to meet its
outstanding flow through obligations.


Mr. Ted McFeely, President and C.E.O. of Grand Banks stated "While we are
disappointed with the outcome of the 11-26 well, we are grateful that the
overall Tower Creek project has been an outstanding success due to the
successful drilling, completion and tie-in of the 2-21 well. Our exit target of
1,400 boe/d is not impacted by the 11-26 abandonment. The Wabamun gas prospect,
which was indicated by 3D seismic to have a high probability of being present at
11-26, is still there, and when gas prices improve I believe that a new well
will be drilled targeting that gas."


"Grand Banks has grown its production of light oil and gas, over the past three
years, from less than 100 boe/d to current levels of about 1,300 boe/d. We have
accomplished that increase almost totally with the drill-bit, and during that
time we issued less than $33 million in equity, of which approximately 80% was
issued as flow-thorough equity. We used the cash flow from successful
exploration wells to acquire land and drill development wells. We now have an
inventory of over 20,000 net acres of land in the Williston basin, which is a
light oil prone area. Most of our light oil production, which constitutes over
50% of our total production, comes from over 30 high working interest oil wells
that we operate in southeast Saskatchewan and Manitoba."


"With the fulfillment of our latest flow-through spending obligations, we have
completed the transition from a higher-risk exploration company into a
lower-risk exploration and development company. Our Corporate cash flow, which
is now projected to be about $1.5 million per month, along with bank lines, will
be focused upon the development of our inventory of light oil projects. We also
view the current business environment to be favorable for acquisitions and will
devote resources to identify and pursue selected opportunities."


Grand Banks is listed on the TSX-Venture Exchange under the Symbol GBE.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements including expectations of
future production. These statements are based on current expectations that
involve a number of risks and uncertainties, which could cause actual results to
differ from those anticipated.


BOE's may be misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.

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