Antler Creek Energy Corp. Announces Recapitalization Financing and New
Management Team


TSX Venture Exchange: AFE

CALGARY, May 7 /CNW/ - Antler Creek Energy Corp. ("Antler" or the "Corporation") is pleased to announce that the previously announced change of directors and officers of Antler was completed. The board of directors of Antler is now comprised of Wade Becker, Korby Zimmerman, John Brussa, Rob Zakresky, David Fitzpatrick and David Johnson. The senior officers of Antler are now comprised of Wade Becker as President and Chief Executive Officer, Dan Toews as Vice President, Finance and Chief Financial Officer, Bill Turko as Vice President, Engineering, Korby Zimmerman as Vice President, Business Development and Land, Brent Gough as Vice President, Operations and Jay Reid as Corporate Secretary.

Antler is also pleased to announce that is has today closed an initial tranche of its previously announced $20 million non-brokered unit ("Unit"), flow-through unit ("FT Unit") and common share ("Share") private placement (the "Private Placement"), issuing an aggregate of 13,942,173 Units, 13,346,666 FT Units and 4,840,052 Shares at a price of $0.375 per security for aggregate gross proceeds of $12,048,341. Each Unit and FT Unit is comprised of one Share and one Share purchase warrant of Antler (a "Warrant"). Each Warrant entitles the holder to purchase one Share at a price of $0.50 over the next five years subject to certain Share performance criteria being satisfied. Antler will close the remaining portion of the Private Placement at a future date, currently anticipated to be May 14, 2010. The Private Placement remains subject to the final approval of the TSX Venture Exchange.

The Units and FT Units were purchased by the new directors, officers and employees of Antler and will be subject to a 24 month escrow wherein 25% of such securities shall be released on each of the 6th, 12th, 18th and 24th month anniversaries of the date of issuance.

About Antler

Antler Creek Energy Corp. is a Calgary, Alberta based company engaged in the oil and gas exploration and development industry. The Corporation's Common Shares are listed on the TSX Venture Exchange under the trading symbol "AFE".

Forward Looking and Cautionary Statements

This news release may include forward-looking statements including opinions, assumptions, estimates, and, more particularly, statements concerning the completion of the remaining portion of the Private Placement. When used in this document, the words "will," "anticipate," "believe," "estimate," "expect," "intent," "may," "project," "should," and similar expressions are intended to be among the statements that identify forward-looking statements.

The forward-looking statements are founded on the basis of expectations and assumptions made by Antler and the Initial Investor Group which include, but are not limited to, the timing of the receipt of regulatory and third party approvals, the future operations of, and transactions completed by Antler.

Forward-looking statements are subject to a wide range of risks and uncertainties, and although Antler and the Initial Investor Group believe that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will be realized. Any number of important factors could cause actual results to differ materially from those in the forward-looking statements including, but not limited to, shareholder, regulatory and third party approvals not being obtained in the manner or timing set forth in the Agreement, the ability to implement corporate strategies, the state of domestic capital markets, the ability to obtain financing, changes in general market conditions and other factors more fully described from time to time in the reports and filings made by Antler with securities regulatory authorities.

Except as required by applicable laws, neither Antler nor the Initial Investor Group undertake any obligation to publicly update or revise any forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.


For further information: For further information: Antler Creek Energy Corp. c/o 1400, 350 - 7th Avenue SW, Calgary, Alberta, T2P 3N9, Attention: Wade Becker, President and CEO, Tel: (403) 230-6129, or Tel: 1-866-574-7931, Fax: (403) 265-4138

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