Result Energy Inc. Secures Additional Lands and a Major Partner in the Horn River Basin, B.C.



    CALGARY, July 14 /CNW/ - Result Energy Inc. ('Result'; TSX-V: RTE) is
pleased to provide the following operational update with respect to the
Company's project activity in the Horn River Basin, northeastern British
Columbia:
    At a recent Crown land sale, Result and a joint venture partner were
successful in acquiring an additional 18 gross sections of mineral rights in
the Gunnell Creek area of the Horn River Basin. Upon completion of
satisfactory earning provisions by Result's partner, Result's landholdings in
the Horn River Basin will increase to 58 gross sections (41 net), all of which
are highly prospective for the Muskwa-Evie shale gas and Keg River platform
gas plays. Result intends to satisfy its financial obligations with respect to
the new land acquisition through a private placement issuance of common shares
from treasury, subject to regulatory approval.

    
    Gunnell Creek Project Area:

    -   In the Gunnell Creek area, Result has acquired an interest in 18
        additional sections of mineral rights immediately adjacent to the
        Company's existing 25 sections of land. This acquisition was made
        under a joint venture with a major public energy trust, with Result's
        interest in both parcels at 60%. Result has been designated operator
        of record for this project area.
    -   Result will satisfy its 60% share of the land acquisition costs
        through a private placement (subject to regulatory approval) of
        approximately 4,158,522 common shares to the joint venture partner at
        a deemed price of $0.533 per share, which represents the trailing
        weighted average market price of Result's common shares for the 20
        business days prior to the land purchases.
    -   Result and its joint venture partner are finalizing a proposed
        capital program for Q1-09, which shall include the drilling of 2
        vertical test wells, plus the acquisition of additional seismic and
        land. Subject to certain conditions, the partner has agreed, as part
        of its earning and equalization fee in the joint venture, to either
        pay up to 70% of the capital costs of these two wells or acquire
        previously identified strategic assets, in return for a 40% working
        interest in Result's existing 25 contiguous sections of land.
    -   Result has recently purchased and re-interpreted a 3-dimensional
        trade seismic program over a portion of its lands at Gunnell Creek.
        This data indicates several promising drilling targets in the
        Devonian platform, one of which will be tested in Q1-09. The second
        well is programmed to core and fully evaluate the Evie and Otter Park
        shale gas section.
    -   Excluding future land acquisitions, the program costs for the Q1-09
        activity at Gunnell Creek are estimated to total $9 million, of which
        Result's share is estimated at (depending on the partners earning
        option) $3.3 million or $5.4 million.
    -   The Company's capital budget for the Horn River Basin in Q1-2009
        remains at an estimate of $10 million net, which it intends to fund
        via a combination of cashflow, and an equity issue later this year.
    

    In commenting on these recent developments, Bill Matheson, Result's
President and CEO said "We are extremely happy with our success at the recent
land sale. With this new joint venture partnership in place, Result has
cemented its position as the pre-eminent junior E&P player in the Horn River
Basin. We have also increased our gross land position in this exciting shale
gas play by 45%, while being able to manage project spending. As well, the
recent prices paid in the south part of the basin resoundingly validate
Result's strategy for N.E. British Columbia."
    Result also announces that the remaining $955,000 principal outstanding
on its previously issued convertible debentures was converted to common shares
in June 2008, resulting in the issuance of 2,387,500 common shares from
treasury. Upon closing of the private placement for the Gunnell Creek land
acquisition, Result will have a total of 63,487,660 common shares outstanding.

    Investors are cautioned that this news release contains forward looking
information. Such information is subject to known and unknown risks,
uncertainties and other factors that could influence actual results or events
and cause actual results or events to differ materially from those stated,
anticipated or implied in the forward-looking information. Readers are
cautioned not to place undue reliance on forward-looking information, as no
assurances can be given as to future results, levels of activity or
achievements.

    Result Energy Inc. is a publicly traded Canadian energy company involved
in the exploration and development of oil and gas properties in western
Canada. Result trades on the TSX Venture Exchange under the symbol "RTE".

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





For further information:

For further information: William Matheson, President & CEO, Result
Energy Inc., (403) 777-0007

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RESULT ENERGY INC.

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