Breaker Energy Ltd. completes previously announced conversion of the Class B Shares to Class A Shares and announces new trading symbol on the TSX



    CALGARY, Aug. 13 /CNW/ - Breaker Energy Ltd. ("Breaker" or "Company")
(TSX: WAV) is pleased to announce it has completed the previously announced
conversion of the class B shares in the capital of the Company ("Class B
Shares") to class A shares in the capital of the Company ("Class A Shares").
    Breaker has converted all of its outstanding Class B Shares to Class A
Shares effective August 13, 2008. Each Class B Share was exchanged for 0.8675
of a Class A Share. The conversion ratio was calculated by dividing $10.00 by
$11.5272, being the weighted average trading price of the Class A Shares on
the Toronto Stock Exchange ("TSX") for the thirty trading day period beginning
on June 18, 2008 and ending on July 30, 2008. Registered holders of Class B
Shares will be mailed certificates for Class A Shares and do not need to
submit their certificates for Class B Shares to Breaker.
    The conversion of the Class B shares resulted in the issuance of 780,753
Class A shares.

    New Trading Symbol on the TSX
    -----------------------------

    As a result of the conversion, the Class B Shares were delisted at the
close of trading on the TSX on Friday, August 8, 2008, and the Class A Shares
are now listed on the TSX under the symbol "WAV".

    Breaker Energy Ltd. is a junior oil and gas company focused on creating
shareholder value by growing per share production and reserves through
acquisitions and a focused exploration, development and exploitation plan.
    Breaker Energy trades on the TSX under the symbol "WAV".
    Breaker has 40,201,490 Class A Shares outstanding as at August 13, 2008.

    The TSX does not accept responsibility for the adequacy or accuracy of
    this release.

    %SEDAR: 00021180E




For further information:

For further information: Dan O'Neil, President & Chief Executive
Officer, (403) 215-5264, or Max Lof, Vice President, Finance & Chief Financial
Officer, (403) 215-5264, info@breakerenergy.com, www.breakerenergy.com

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BREAKER ENERGY LTD.

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