Great Plains Completes Additional Tranche of Private Placement



    /THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO
    ANY UNITED STATES NEWS SERVICES/

    CALGARY, Dec. 21 /CNW/ - Great Plains Exploration Inc. (TSX-GPX) is
pleased to announce that it has closed on a second tranche of its private
placement that was announced on December 17, 2007, for an additional amount of
585,000 Common Shares at $0.85 per share, issued on a flow-through basis, for
proceeds of $497,250. In aggregate with the previous tranche, the private
placement resulted in the issuance of 2,290,882 Common Shares on a
flow-through basis for total proceeds of $1,947,250. The private placement was
completed on a non-brokered basis with no commission or agency fees paid. The
proceeds of the private placement will be used towards the 2008 capital
program.

    The common shares of Great Plains have not and will not be registered
under the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered or sold
in the United States or to any U.S. person except in certain transactions
exempt from the registration requirements of the U.S. Securities Act and
applicable state securities laws.

    Advisory Regarding Forward Looking Statements

    This news release contains forward-looking statements which include, but
are not limited to: operations plans and outlook, expectations, opinions,
forecasts, projections, guidance or other statements that are not statements
of fact. Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, it cannot give any assurance that
such expectations will prove to be correct. Results of the Company may be
affected by a variety of variables and risks associated with oil and gas
exploration, production and transportation, such as loss of market, volatility
of oil and gas prices, currency fluctuations, imprecision of reserve
estimates, environmental risks, competition from other producers, ability to
access sufficient debt and equity capital from internal and external sources,
ability to replace and expand oil and gas reserves, ability to generate
sufficient cash flow from operations to meet its current and future
obligations, and risks associated with existing and potential future lawsuits
and regulatory actions made against the Company; as a consequence, actual
results could differ materially from those anticipated or implied in the
forward-looking statements.
    The Company's forward-looking statements are expressly qualified in their
entirety by this cautionary statement and are made as of the date of this news
release. Unless otherwise required by applicable securities laws, the Company
does not intend nor does it undertake any obligation to update or review any
forward-looking statements to reflect subsequent information, event, results
or circumstances or otherwise.

    %SEDAR: 00020740E




For further information:

For further information: Great Plains Exploration Inc., Stephen P.
Gibson, President & CEO, Sean Bovingdon, VP Finance & CFO, Tel: (403)
262-9620, Fax: (403) 262-9622, www.greatplainsexp.com,
info@greatplainsexp.com

Organization Profile

GREAT PLAINS EXPLORATION INC.

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