Contact Exploration Inc. Issues Incentive Options

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, Aug. 20 /CNW/ - Contact Exploration Inc. ("Contact" or the "Company") announces that it has issued 500,000 stock options to a director of the Company in accordance with the Company's shareholder approved stock option plan. The stock options are exercisable at a price of $0.14 per share, expire in five years and vest immediately.

Contact Exploration Inc. is a Calgary based junior oil and gas company with a focus on Canadian East Coast onshore oil and gas exploration and production. The Company's philosophy is to operate both exploration and production properties in our core area of Atlantic Canada, and to participate through overrides and carried interests in regional unconventional plays, such as coalbed methane in the Cumberland Basin, shale gas in the Windsor area and conventional exploration on the west coast of Newfoundland. Contact has onshore interests in Nova Scotia, Newfoundland and New Brunswick, which includes the Stoney Creek Field. In addition to the Atlantic Canadian properties, Contact has producing oil assets in south eastern Saskatchewan. Contact's common shares are listed on the TSX Venture Exchange under the symbol "CEX".

This press release shall not constitute an offer to sell or a solicitation of an offer to buy the securities in any jurisdiction. The common shares of Contact will not be and have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States, or to a U.S. person, absent registration or applicable exemption therefrom.

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

SOURCE Contact Exploration Inc.

For further information: For further information: Steve Harding, President and CEO, Contact Exploration Inc., Phone: (403) 234-8663, Fax: (403) 695-3915, Email: sharding@contactexp.com, www.contactexp.com

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Contact Exploration Inc.

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