Action Energy Inc. Appoints Special Committee to Evaluate Strategic Alternatives and Announces Retention of National Bank Financial Inc. as Financial Advisor



    
    /THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
    ANY UNITED STATES NEWS SERVICE. ANY FAILURE TO COMPLY WITH THIS
    RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS./

    TSX-V Symbol "AEC"
    

    CALGARY, May 20 /CNW/ - Action Energy Inc. ("Action" or the "Company")
announces that its Board of Directors has appointed a special committee
comprised of independent directors with a mandate to undertake a process to
evaluate the various strategic alternatives available to Action with the goal
of maximizing shareholder value. These alternatives may include a sale, merger
or other business combination involving Action or the sale of some or all of
the assets of the Company.
    Action has retained National Bank Financial Inc. to act as its exclusive
financial advisor to assist in the review process.
    The Company does not expect to update its progress with respect to the
review of strategic alternatives until the Board of Directors authorizes any
transaction or if required by applicable disclosure requirements. There can be
no assurances that any transaction will occur or, if one is undertaken, any
certainty with regard to its terms or timing.

    Action Energy Inc. is a Canadian junior oil and gas company engaged in
the exploration, development and production of oil and natural gas reserves in
the provinces of Alberta and Saskatchewan.

    For further information, the full 2008 Audited Financial Statements,
Management Discussion and Analysis and the Annual Information Form have been
posted on the Company's website: www.action-energy.com or, alternatively, can
be viewed at www.sedar.com.

    
    NEITHER 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:

For further information: Roger C.W. Tang, President & CEO, Action Energy
Inc., Telephone: (403) 264-1112; Kelly D. Kerr, Vice-President Finance & CFO,
Action Energy Inc., Telephone: (403) 264-1112; ACTION ENERGY INC., Suite 800,
350 - 7th Avenue S.W., Calgary, Alberta, T2P 3N9, Phone: (403) 264-1112, Fax:
(403) 264-1116, E-mail: info@action-energy.com, Website:
www.action-energy.com

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Action Energy Inc.

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