Option Grant to Give Redcliffe 5.5 Million Outstanding Options

Redcliffe Exploration announced, pursuant to the policies of the TSX Venture Exchange and the Company's stock option plan, the granting of 2,316,000 options to purchase Class A shares at an exercise price of $0.40 per share to certain officers, directors, employees and consultants for a period of 5 years. Subsequently, the Board of Directors has resolved to amend these options increasing the exercise price to $0.45 per share and to reduce the option grant to an aggregate of 2,251,000 options, of which 1,556,000 will be granted to officers and directors. Following the completion of this option grant, the Company will have 5,514,583 options outstanding at an average exercise price of $0.48 per share.