RXP.A Redcliffe Exploration Inc.

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.

Redcliffe Exploration Inc. (TSX VENTURE:RXP.A) (TSX VENTURE:RXP.B) ("Redcliffe"
or the "Company") is pleased to announce that it has filed its audited financial
statements and related Management's Discussion and Analysis as of and for the
year ended December 31, 2007 with Canadian securities regulatory authorities.
The Company has also filed its reserves data and other oil and gas information
as of and for the year ended December 31, 2007, as required under National
Instrument 51-101, Standards of Disclosure for Oil and Gas Activities. These
filings are available for review at www.sedar.com.


2007 Highlights:

- Drilled and re-completed a total of 23 wells (11.22 net), resulting in several
major discoveries in the Company's core areas at Wapiti and Gold Creek. Most
significantly, Wapiti 7-3 (72% WI) was a major light oil discovery that tested
at a gross stabilized rate of approximately 750 bbl/d (48 degree API) and 2,600
mcf/d of gas during a restricted flow period, due to the sour nature of the
well.


- Increased production from nil to an average of 434 boe/d (78% natural gas) for
2007, with a 2007 exit rate of 780 boe/d. As a result of recent tie-in activity,
Redcliffe's current production is approximately 1,100 boe/d, with approximately
400 boe/d of additional production capability awaiting processing facility
modification and the initiation of production from the Company's 7-3 Wapiti oil
discovery, which is included in the above production capability only at its
allowable rate. The Company will apply for Good Production Practice on 7-3
which, once received, is expected to significantly increase production from this
well.


- Increased proved reserves approximately 1,150% to 1,702.7 mboe and proved plus
probable reserves approximately 1,200% to 3,103.0 mboe. The Company's reserve
life index also increased substantially to 6 years on proved reserves and 11
years on proved plus probable reserves, using 2007 exit production.


- Achieved finding and development costs of $22.41/boe on a proved basis and
$11.94/boe on a proved plus probable basis. Including future capital, such costs
were $23.64/boe and $15.28/boe, respectively. For finding, development and
acquisition costs, the Company achieved $26.09/boe on a proved basis and
$14.88/boe on a proved plus probable basis. Including future capital, such costs
were $26.57/boe and $16.29/boe, respectively.


- Completed two business combinations during 2007: Stallion Energy Ltd. in
February and Redcliffe Energy Ltd. in December, adding production, reserves,
complementary land and significant tax pools. The Company's estimated tax pools
at December 31, 2007 were approximately $90 million.


- Increased land base from 14,245 acres (4,309 net acres) to 60,866 acres
(38,892 net acres) in 2007, an increase of approximately 330% (approximately
800% net).




Operational & Financial Summary:

                                     Three months ended          Year ended
($ thousands, except as noted)        December 31, 2007   December 31, 2007
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Average daily production
 Crude oil and natural gas 
  liquids (bbl/d)                                   152                  97
 Natural gas (mcf/d)                              2,818               2,021
 Oil equivalent (boe/d)                             622                 434
 Exit rate (boe/d)                                  780                 780
Average realized prices
 Crude oil and natural gas 
  liquids ($/bbl)                                 59.01               51.94
 Natural gas ($/mcf)                               6.44                6.67
 Oil equivalent ($/boe)                           43.62               42.71
Petroleum and natural gas sales                   2,495               6,795
Funds from operations (1)                           829               1,867
 Per basic and diluted share ($/share)             0.02                0.05
Net loss and other comprehensive loss               660                 462
 Per basic and diluted share ($/share)             0.01                0.01
Net debt                                         13,395              13,395
Total assets                                     56,922              56,922
Capital expenditures                              6,129              17,363
Share structure (thousands)
 Class A shares, end of period                   54,406              54,406
 Class B shares, end of period                    1,494               1,494
 Options and warrants, end of period             11,653              11,653
Weighted-average Class A shares (thousands)
 Basic                                           49,103              38,747
 Diluted                                         49,103              38,941
----------------------------------------------------------------------------
(1) Funds from operations is calculated as cash provided by (used in) 
    operating activities and adding changes in non-cash working capital. 
    Funds from operations does not have a standardized measure prescribed 
    by GAAP and therefore may not be comparable with calculations of 
    similar measures for other companies.



Outlook:

In its first full year of operations, Redcliffe has established itself as an
emerging junior with a reserve base of over 3.1 million barrels of oil
equivalent and a production potential from existing wells of over 1,500 boe/d.
Our growth prospects are significant, particularly in the further development of
the existing Peace River Arch properties and our exploration portfolio. We
intend to invest an additional $17.5 million in 2008 developing existing
production potential, expanding key operational properties and developing high
impact plays for drilling in 2009.


Based upon current production levels and anticipated increases throughout the
year, Redcliffe estimates debt-adjusted cash flows of approximately $10-11
million in 2008. Recent indications point towards much stronger natural gas
prices in 2008 than was the case last year. We have a strong tax pool base of
over $90 million to shelter this cash flow, and we have established a foothold
into European equity markets that will enhance our current capital sources in
North America.


Redcliffe has announced a capital budget of $17.5 million for 2008, involving
the drilling of 11-16 gross wells, most of which will be drilled in the Peace
River Arch. This drilling program will focus on development of existing
discoveries as a primary objective. We will, however, actively pursue the
development of new exploratory prospects outside Alberta. British Columbia is a
natural extension of the Peace River Arch activity and preliminary work has been
initiated. We will also explore acquisition opportunities that open new core
areas for exploration.


Forward-Looking Statements: This news release contains certain forward-looking
statements, including management's assessment of future plans and operations,
and capital expenditures and the timing thereof, that involve substantial known
and unknown risks and uncertainties, certain of which are beyond the Company's
control. Such risks and uncertainties include, without limitation, risks
associated with oil and gas exploration, development, exploitation, production,
marketing and transportation, loss of markets, volatility of commodity prices,
currency fluctuations, imprecision of reserve estimates, environmental risks,
competition from other producers, inability to retain drilling rigs and other
services, delays resulting from or inability to obtain required regulatory
approvals and ability to access sufficient capital from internal and external
sources, the impact of general economic conditions in Canada, the United States
and overseas, industry conditions, changes in laws and regulations (including
the adoption of new environmental laws and regulations) and changes in how they
are interpreted and enforced, increased competition, the lack of availability of
qualified personnel or management, fluctuations in foreign exchange or interest
rates, stock market volatility and market valuations of companies with respect
to announced transactions and the final valuations thereof, and obtaining
required approvals of regulatory authorities. The Company's actual results,
performance or achievements could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no assurances can
be given that any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what benefits, including the
amount of proceeds, that the Company will derive there from. Readers are
cautioned that the foregoing list of factors is not exhaustive. Additional
information on these and other factors that could affect the Company's
operations and financial results are included in reports on file with Canadian
securities regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com). All subsequent forward-looking statements, whether written or
oral, attributable to the Company or persons acting on its behalf are expressly
qualified in their entirety by these cautionary statements. Furthermore, the
forward-looking statements contained in this news release are made as at the
date of this news release and the Company does not undertake any obligation to
update publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise, except as
may be required by applicable securities laws.


BOE may be misleading, particularly if used in isolation. A BOE conversion 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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