Kootenay Energy Inc. announces mailing of offer by Golden Oil Corporation



    CALGARY, Aug. 5 /CNW/ - Kootenay Energy Inc. ("Kootenay") announces that
there are being mailed to shareholders today a Take-over Bid Circular of a
subsidiary of Golden Oil Corporation ("Golden") and a Directors Circular of
Kootenay in connection with Golden's previously announced cash offer for the
common shares of Kootenay.
    The offer price is $0.66 Cdn. per common share, representing an
approximate 65% premium to the closing trading price of the common shares of
Kootenay on July 15, 2008, the last trading day on which the common shares
traded prior to the announcement of the offer. The offer expires on September
10, 2008. The board of directors of Kootenay is unanimously recommending that
the shareholders accept the offer.

    The above disclosure contains certain forward-looking statements that
involve substantial known and unknown risks and uncertainties. These
forward-looking statements are subject to numerous risks and uncertainties,
certain of which are beyond the Corporation's control, including: the impact
of general economic conditions in Canada, industry conditions, increased
competition, the lack of available qualified personnel or management,
equipment failures, fluctuations in product prices and in foreign exchange or
interest rates and stock market volatility. The Corporation's actual results,
performance or achievements could differ materially from those expressed in,
or implied by, these forward-looking statements and, accordingly, no
assurances can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of them do so,
what benefits the Corporation will derive there from.

    THE TSX VENTURE EXCHANGE INC. DOES NOT ACCEPT RESPONSIBILITY FOR THE
    ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.





For further information:

For further information: Kootenay Energy Inc., Jack Marsh, President and
Chief Executive Officer, (403) 355-9800

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KOOTENAY ENERGY INC.

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