North Peace Energy Provides details of Annual Option Grant



    TSX-V: NPE

    CALGARY, July 29 /CNW/ - North Peace Energy Corp. ("North Peace") will be
proceeding with an annual grant of options of 1.54 million common shares, each
at an exercise price of $1.50 per share. 1.23 million of these options will be
allocated among existing directors and officers of North Peace. Half of the
officers' options will be exercisable only when North Peace's previously
announced cyclic steam pilot project demonstrates first oil production.

    About North Peace

    North Peace Energy has an in situ oil sands project in northern Alberta
with 86,400 acres of nearly contiguous leases bridging the Peace River and
Athabasca oil sands areas.

    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

Organization Profile

NORTH PEACE ENERGY CORP.

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