Ryland Oil Gains $6.2M from Issued Warrants

Ryland Oil Corporation announces the following: all 33,300,000 share purchase warrants issued in connection with private placements completed in November, 2006 and February, 2007 were exercised, resulting in the addition of $6,205,000 to the company's treasury; subject to applicable regulatory and shareholder approval, it has repriced 885,000 incentive stock options previously granted on June 27, 2007 and July 18, 2007 to directors, officers, employees and consultants of the company. The stock options have been repriced at CDN $1.54 per share for a period of five years from the original grant date. Ryland has also granted options to acquire a total of 300,000 common shares of the company to directors, officers, employees and consultants of the company at the exercise price of CDN $1.54 per share of a period of 5 years.

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