North Peace Energy Provides Details of Option Grant

    TSX-V: NPE

    CALGARY, June 23 /CNW/ - North Peace Energy Corp. ("North Peace") will be
proceeding with a grant of options of 2.4 million common shares, each at an
exercise price of $0.55 per share. 2.1 million of these options will be
allocated among existing directors and officers of North Peace.

    About North Peace

    North Peace Energy has an in situ oil sands project in northern Alberta
with 86,400 acres of nearly contiguous leases bridging the Peace River and
Athabasca oil sands areas.

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as
    the term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.

For further information: Louis Dufresne, President and CEO, James
Glessing, Vice President, Finance & CFO, North Peace Energy Corp., 630, 505 -
3rd Street SW, Calgary, Alberta, T2P 3E6, Telephone (403) 262-6024, Facsimile:
(403) 262-6072, E-mail: info@northpec.com, www.northpec.com