Pine Cliff Energy Ltd. announces granting of stock options

    TSX Venture: PNE

    CALGARY, Oct. 30 /CNW/ - Pine Cliff Energy Ltd. ("Pine Cliff" or the
"Corporation") announces that, in accordance with the Corporation's stock
option plan, the Corporation has granted stock options to purchase
1,006,000 common shares of the Corporation (including 525,000 granted to
officers and directors) at an exercise price of $1.18 to certain directors,
officers, employees and consultants of the Corporation. These stock options
expire June 30, 2010 and vest over one or two year periods. After the issuance
of these stock options there will be a total of 3,053,000 options outstanding
which represents 6.7% of the total issued shares. The grant of the foregoing
options is subject to the approval of the Exchange and, if requested by the
Exchange, the shareholders of the Corporation.

    Forward Looking Statements

    This press release may contain forward-looking statements including
expectations of future production, cash flow and earnings. These statements
are based on current expectations that involve a number of risks and
uncertainties, which could cause actual results to differ from those
anticipated. These risks include, but are not limited to: the risks associated
with the oil and gas industry (e.g. operational risks in development,
exploration and production; delays or changes in plans with respect to
exploration or development projects or capital expenditures; the uncertainty
of reserve estimates; the uncertainty of estimates and projects relating to
production, costs and expenses, and health, safety and environmental risks),
commodity price, price and exchange rate fluctuation and uncertainties
resulting from the potential delays or changes in plans with respect to
exploration or development projects or capital expenditures. Additional
information on these and other factors that could affect Pine Cliff's
operations or financial results are included in Pine Cliff's reports on file
with Canadian securities regulatory authorities that may be accessed at

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

    %SEDAR: 00021536E

For further information:

For further information: Pine Cliff Energy Ltd., Telephone: (403)
269-2289, Facsimile: (403) 265-7488, George F. Fink, Randy M. Jarock or Garth
E. Schultz

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Pine Cliff Energy Ltd.

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