North Peace Energy Announces Option Grant

    TSX-V: NPE

    CALGARY, June 1 /CNW/ - North Peace Energy Corp. ("North Peace")
announces that it is proceeding with a grant of options to acquire up to
650,000 common shares each at an exercise price of $2.62 per share including
350,000 options being allocated among the existing directors and officers of
North Peace.

    About North Peace

    North Peace 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, North Peace
Energy Corp., 470, 505 - 3rd Street SW, Calgary, Alberta, T2P 3E6, Telephone
(403) 262-6024, Facsimile: (403) 262-6072, E-mail:,; Or: Stephanie K Mesher, Bryan Mills Iradesso, (403) 503-0144
ext. 216,

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