Result Energy Ramps up Exploration Program

Result Energy plans to conduct a nine-well down-spacing drilling program on its recently-acquired Viking gas project at Dodsland, Saskatchewan during the fourth quarter of 2004. This activity builds on the Company's third quarter success in this area, which involved a two-well drilling and workover program. At Clearhills, Alberta, Result expects to complete and production test an appraisal well which has been drilled offsetting the Company's existing Triassic gas production.

The Company also announces that it has entered into an exploration partnership agreement related to its Peace River Arch focus area, which will accelerate the evaluation and testing of a suite of Result's exploration concepts. The prospects to be evaluated under this partnership include two new shallow gas plays, plus several deep Devonian targets. Under the terms of this agreement, an industry partner has committed to shoot a minimum of six square miles of 3-D seismic at Worsley and participate in the drilling of up to five exploratory wells in 2005. To fulfill this obligation, the partner has allocated up to $2 million for this program. The partner's commitment is contingent on successful closing of their corporate financing later this year. In commenting on this agreement, Mr. Bill Matheson, President of Result, said "This partnership is a good deal for Result. It is consistent with Result's philosophy of managing financial risk and leveraging our technical expertise. It allows us to test a broad suite of high-impact exploratory ideas with minimum up-front capital".

Result also announces that it intends to conduct a non-brokered Private Placement to raise proceeds of up to $2,500,000 to be used for exploration, development, and general corporate purposes. Subject to regulatory approval, up to 4,166,167 Units will be issued at a price of $0.60 per Unit. Each Unit is comprised of one common share of Result issued on a flow-through basis and one half of one non-transferable common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire one common share of the Corporation issued on a flow-through basis at an exercise price of $0.75 at any time between January 1, 2005 and December 15, 2005. In connection with the Private Placement, the Corporation may pay commissions or finder's fees to arm's length parties pursuant to TSX Venture Exchange policy.

Upon closing of the Private Placement, Result will have up to 27,796,074 common shares issued and outstanding.