Great Plains Closes Acquisition of Light Oil Assets

    CALGARY, Nov. 1 /CNW/ - Great Plains Exploration Inc. (TSX: GPX) today
announced that it has closed its previously announced strategic acquisition of
additional light oil assets at one of the Company's core areas in Randell,
Alberta. The assets, which were purchased for $8.25 million, include
approximately 220 bbls/d of light oil production, 388 mbbls (P & P) of
reserves, recently upgraded facilities and 7,352 net acres of undeveloped land
independently valued at approximately $750,000. An additional 145 bbls/d of
production from this area is expected to come on-stream prior to year-end
pending Good Production Practice (GPP) approval from the EUB. The completion
of this transaction increases Great Plains' oil weighting to 65% and increases
the volume of assets under the Company's control as operator.
    Great Plains anticipates that in early December it will be able to access
the Randell area and begin its program of recompletions and work-overs. In
addition, the Company expects to participate in the drilling of four to six
wells (100% WI) as part of its 2008 capital program with the first well
expected to be spudded in late December.

    Investors should note that boes may be misleading, particularly if used
in isolation. A boe conversion rate of 6 Mcf: 1bbl is based on an energy
equivalency conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.

    Advisory Regarding Forward Looking Statements

    This press release contains forward-looking statements which include, but
are not limited to: operations plans and outlook, expectations, opinions,
forecasts, projections, guidance or other statements that are not statements
of fact. Although the Company believes that the expectations reflected in such
forward-looking statements are reasonable, it cannot give any assurance that
such expectations will prove to be correct. Results of the Company may be
affected by a variety of variables and risks associated with oil and gas
exploration, production and transportation, such as loss of market, volatility
of oil and gas prices, currency fluctuations, imprecision of reserve
estimates, environmental risks, competition from other producers, ability to
access sufficient debt and equity capital from internal and external sources,
ability to replace and expand oil and gas reserves, ability to generate
sufficient cash flow from operations to meet its current and future
obligations, and risks associated with existing and potential future lawsuits
and regulatory actions made against the Company; as a consequence, actual
results could differ materially from those anticipated or implied in the
forward-looking statements.
    The Company's forward-looking statements are expressly qualified in their
entirety by this cautionary statement and are made as of the date of this new
release. Unless otherwise required by applicable securities laws, the Company
does not intend nor does it undertake any obligation to update or review any
forward-looking statements to reflect subsequent information, event, results
or circumstances or otherwise.

    %SEDAR: 00020740E

For further information:

For further information: Great Plains Exploration Inc., Stephen P.
Gibson, President & CEO; Sean Bovingdon, VP Finance & CFO; Tel: (403)
262-9620, Fax: (403) 262-9622, Website:, Email:

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