RED

RedWater Energy Corp. ("RedWater" or the "Company") (TSX VENTURE:RED) is pleased
to provide its Capital Expenditure Budget and Production Targets for 2011. 


RedWater's Board of Directors has approved an initial 2011 capital budget of
$3.0 million. Funds of $2.7 million will be allocated to the drilling of 6.0 and
the recompletion of 9.0 net oil wells at Redwater and Westlock. An additional
$300,000 will be allocated to development work associated with horizontal
drilling projects, including seismic and geological analysis, at Redwater,
Westlock and Fairydell-Bon Accord. Redwater currently has available capital of
$3.9 million consisting of $3.4 million cash and a bank operating line of
$500,000. 


Production levels for 2011, with this budget, targets average production for the
year of 200-250 boepd and exit production of 400 boepd. Operating income for
2011 will be focused towards the acceleration of the Company's conventional and
horizontal light oil drilling programs. 


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, 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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