North Peace Energy Corp. - Exercise of Warrants and Completion of Drilling Program



    TSX-V: NPE

    CALGARY, April 16 /CNW/ - North Peace Energy Corp. ("North Peace" or the
"Company") announces that all 9,396,000 outstanding purchase warrants were
exercised effective April 10, 2007, the expiry date, resulting in the issue of
9,396,000 common shares at an exercise price of $0.75 for total cash proceeds
to the Company of $7,047,000. These funds will be available for the Company's
future capital expenditure program.
    North Peace now has approximately 26.3 million shares outstanding
(basic), and 34.3 million shares on a fully diluted basis. Management,
directors and insiders own approximately 19 percent of the basic shares, and
26 percent of the fully diluted shares.
    North Peace has now finalized its winter drilling program with the
drilling of two final stratigraphic wells on the Company's land base in north
central Alberta. The Company has now drilled and cored nine stratigraphic
wells in the area and continues to evaluate data collected from these wells to
complete an internal resource characterization assessment.
    The results of the winter drilling program will be used to develop a
capital expenditure program for the rest of 2007 and 2008. The Company
anticipates providing more information about its planned capital expenditure
program in late May.

    About North Peace
    North Peace Energy is a junior oil and gas company with land and assets
bridging the Athabasca and Peace River oil sands areas of northern Alberta.

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

    %SEDAR: 00019211E




For further information:

For further information: Louis Dufresne, President and CEO; James
Glessing, Vice President, Finance & CFO, North Peace Energy Corp., 470, 505 -
3rd Street SW, Calgary, Alberta, T2P 3E6, Telephone: (403) 262-6024,
Facsimile: (403) 262-6072, E-mail: info@northpec.com, www.northpec.com; Or
Stephanie K Mesher, Bryan Mills Iradesso, (403) 503-0144 ext. 216,
smesher@bmir.com

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NORTH PEACE ENERGY CORP.

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