MAGNUM ENERGY INC. (the "Corporation") (TSX VENTURE:MEN) is pleased to announce that a total of 1,625,000 stock options have been granted to the directors, officers and a consultant of the Corporation at an exercise price of $0.18 per share for a period of five years from the date of grant. The options have been granted in accordance with the Corporation's stock option plan.

The Corporation proposes to reduce the exercise price of a total of 400,000 stock options with an exercise price of $0.34 to an exercise price of $0.18 per share. There has been no change to the expiry dates of the options.

The grant and re-pricing of the stock options are subject to the approval of the TSX Venture Exchange.

ON BEHALF OF THE CORPORATION

Richard A. Nemeth, President

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.

Contacts: Magnum Energy Inc. Richard Nemeth President & CEO 604.669.3155rnemeth@magnumenergyinc.comwww.magnumenergyinc.com

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