RED

RedWater Energy Corp. ("RedWater" or the "Company") (TSX VENTURE:RED) is pleased
to report that its recompletion and drilling program is underway. RedWater began
its recompletion program in early November in the Company's core areas of
Redwater, Red Earth, Westlock and Fairydell-Bon Accord. Results to date have
been encouraging with new oil production being brought on stream. The Company
plans to announce results over the coming weeks once production levels have
stabilized. In addition, the Company has reactivated winter production Slave
Point wells at Red Earth. A Leduc Pinnacle reef oil well at Fairydell-Bon Accord
has been reactivated to evaluate the potential for a future new horizontal
drilling location.


Conventional drilling in the Redwater area will commence in January targeting
Manville light oil. RedWater has assembled a horizontal and conventional
drilling and recompletion inventory of over 30 primarily 100% working interest
wells in its core areas.


In addition, Redwater continues to strategically add prospects with new land
acquisitions. Of most significance, the Company acquired four sections of
undeveloped crown and freehold land in the Redwater area. This land is
prospective for Viking and Bruderheim light oil. Redwater holds a total of 26.4
net sections (16,888 net acres) of petroleum and natural gas rights within its
emerging Redwater Viking and Bruderheim light oil play and total of 50.9 net
sections (32,590 net acres) of petroleum and natural gas rights throughout
Central Alberta. 


Business of RedWater Energy Corp.

RedWater Energy Corp. is a junior oil and gas exploration and development
company. RedWater is engaged in the acquisition, enhancement and exploration of
conventional oil and gas projects in Western Canada with a focus on developing
high working interest light oil opportunities. RedWater's core properties are
located in Redwater, Red Earth, Westlock, and Fairydell-Bon Accord areas of
Alberta. www.redwaterenergy.com.


The information in this news release includes certain information and statements
about management's view of future events, expectations, plans and prospects that
constitute forward looking statements. These statements are based upon
assumptions that are subject to significant risks and uncertainties. Because of
these risks and uncertainties and as a result of a variety of factors, the
actual results, expectations, achievements or performance may differ materially
from those anticipated and indicated by these forward looking statements.
Although RedWater believes that the expectations reflected in forward looking
statements are reasonable, it can give no assurances that the expectations of
any forward looking statements will prove to be correct. Except as required by
law, RedWater disclaims any intention and assumes no obligation to update or
revise any forward looking statements to reflect actual results, whether as a
result of new information, future events, changes in assumptions, changes in
factors affecting such forward looking statements or otherwise.

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