Great Plains Reports 2007 Year End Reserves



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

    CALGARY, Feb. 21 /CNW/ - Great Plains Exploration Inc. (TSX - GPX) (Great
Plains) is pleased to provide the following summary information from its
annual independent reserve evaluation completed by GLJ Petroleum Consultants
Ltd. (GLJ), as at December 31, 2007 (GLJ Report). These estimates were
prepared in accordance with National Instrument 51-101 Standards of Disclosure
of Oil and Gas Activities (NI 51-101).

    The highlights of the reserves (based on forecast prices and costs) are
as follows:

    
    -   Total proved plus probable reserves of 4.0 million barrels of oil
        equivalent; approximately 57 percent are crude oil and natural gas
        liquids and 43 percent are natural gas

    -   Proved producing reserves represent 73 percent of total proved
        reserves

    -   Net present value (before tax discounted at 10 percent) of total
        proved and probable reserves of $85.2 million

    -   Great Plains increased its reserve values three percent, with reserve
        volumes only 13 percent lower compared to the prior year, of which
        8 percent is the net result of strategic non-core asset sales over
        the last year

    -   Great Plains significantly increased reserves in its core area at
        Randell, and added initial reserves from recent drilling successes in
        Pembina/Crossfire and Morinville

    Reserves Summary 2007 Using GLJ January 1, 2008 Forecast Prices and Costs

    The following table summarizes the Company's gross (working interest
before royalties) and net (working interest after royalties) interests in
proved and probable reserves at December 31, 2007 as assessed in the
GLJ Report using their January 1, 2008 forecasted price and cost assumptions.

    -------------------------------------------------------------------------
                                   Summary of Reserves (1) (2) (3)

    -------------------------------------------------------------------------
                                                                 Total Oil
    Reserves   Light/Medium     Natural Gas     Natural Gas      Equivalent
     Category   Oil (Mbbl)       (MMcf)(4)     Liquids(Mbbl)     (Mboe)(5)
               --------------------------------------------------------------
               Gross     Net   Gross     Net   Gross     Net   Gross     Net
                  (1)     (2)     (1)     (2)     (1)     (2)     (1)     (2)
    -------------------------------------------------------------------------
    Proved
      Producing  858     748   4,767   4,018      58      41   1,710   1,459
      Developed
       Non-Prod.  69      59   1,321     996       6       4     295     229
      Un-
       developed 267     227     368     232       5       3     334     269
    -------------------------------------------------------------------------
    Total
     Proved    1,194   1,034   6,455   5,247      68      49   2,338   1,957
    Probable   1,003     863   3,867   3,023      24      17   1,671   1,383
    -------------------------------------------------------------------------
    Total
     Proved
     Plus
     Probable  2,197   1,897  10,322   8,270      92      65   4,010   3,340
    -------------------------------------------------------------------------

    (1) Numbers in this table are subject to round off error.
    (2) "Gross" means Great Plains' total working interest reserves before
        royalties owned by others and without including any royalty interest
        owned by Great Plains.
    (3) "Net" means Great Plains' total working interest reserves and/or
        royalty interest share after deducting the amounts attributable to
        royalties owned by others.
    (4) Natural gas volumes include solution gas volumes associated with
        Great Plains' light and medium crude oil reserves.
    (5) Natural gas is converted to barrels of oil equivalent ("boe") at a
        ratio of six thousand standard cubic feet to one barrel of oil.

    Net Present Value of Future Net Revenue Before Income Taxes Using GLJ
    January 1, 2008 Forecast Prices and Costs

    The following table summarizes Great Plains' share of the net present
value of its reserves prior to provision for income taxes, interest and
general and administrative expenses at December 31, 2007 as assessed in the
GLJ Report using their January 1, 2008 forecasted price and cost assumptions.

    -------------------------------------------------------------------------
                            Net Present Value of Future Net Revenue (1)(2)(3)
                             Before Income Taxes Discounted at (%/year) ($M)
    -------------------------------------------------------------------------
    Reserves Category           0         5         10        15        20
    -------------------------------------------------------------------------
    Proved
      Producing               60,392    50,519    44,203    39,664    36,185
      Developed Non-Producing  7,115     5,946     5,059     4,370     3,826
      Undeveloped             12,984     9,889     7,911     6,551     5,566
    -------------------------------------------------------------------------
    Total Proved              80,491    66,355    57,174    50,586    45,577
    Probable                  56,162    37,806    27,978    21,851    17,688
    -------------------------------------------------------------------------
    Total Proved Plus
     Probable                136,653   104,160    85,151    72,437    63,265
    -------------------------------------------------------------------------
    (1) Numbers in this table are subject to round off error.
    (2) Values are net of abandonment liabilities.
    (3) The net present values of future net revenue do not represent fair
        market value.

    Summary of Pricing and Inflation Rate Assumptions as of January 1, 2008
Forecast Prices and Costs

    -------------------------------------------------------------------------
    Year   WTI Cushing   Edmonton Par     Natural Gas    Inflation  Exchange
            Oklahoma    Price 40 degree  AECO Gas Price   Rates       Rate
            ($US/bbl)   API ($Cdn/bbl)   ($Cdn/ MMBtu)   %/Year    ($US/$Cdn)
    -------------------------------------------------------------------------
    2008      92.00          91.10            6.75         2.0        1.00
    -------------------------------------------------------------------------
    2009      88.00          87.10            7.55         2.0        1.00
    -------------------------------------------------------------------------
    2010      84.00          83.10            7.60         2.0        1.00
    -------------------------------------------------------------------------
    2011      82.00          81.10            7.60         2.0        1.00
    -------------------------------------------------------------------------
    2012      82.00          81.10            7.60         2.0        1.00
    -------------------------------------------------------------------------
    2013      82.00          81.10            7.60         2.0        1.00
    -------------------------------------------------------------------------
    2014      82.00          81.10            7.80         2.0        1.00
    -------------------------------------------------------------------------
    2015      82.00          81.10            7.97         2.0        1.00
    -------------------------------------------------------------------------
    2016      82.02          81.12            8.14         2.0        1.00
    -------------------------------------------------------------------------
    2017      83.66          82.76            8.31         2.0        1.00
    -------------------------------------------------------------------------
    2018   +2.0%/year     +2.0%/year      +2.0%/year   +2.0%/year     1.00
    -------------------------------------------------------------------------
    

    Reserves Committee of Great Plains

    Great Plains has a Reserves Committee comprised of independent board
members which reviews the qualifications and appointment of the independent
reserve evaluators. The Reserves Committee also reviews the process for
providing information to the evaluators and meets with the independent
evaluators to discuss the procedures used in the independent report, to review
major property assessments and to discuss any areas of risk. The evaluation in
the GLJ Report of the 2007 year-end reserves of Great Plains was reviewed by
the Reserves Committee and approved by the Company's Board of Directors on
February 21, 2008.
    Great Plains' Statement of Reserves Data and Other Oil and Gas
Information required under NI 51-101 will be included in the Company's Annual
Information Form which will be filed on SEDAR on or before March 28, 2008.

    Investors should note that boes may be misleading, particularly if used
in isolation. A boe conversion rate of 6 Mcf: 1bbl is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.

    Advisory Regarding Forward Looking Statements

    This press 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 new
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, Website: www.greatplainsexp.com, Email:
info@greatplainsexp.com

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GREAT PLAINS EXPLORATION INC.

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