Twin Butte Energy Ltd. announces Normal Course Issuer Bid for its common shares

    CALGARY, Oct. 21 /CNW/ - Twin Butte Energy Ltd. (TSX: TBE) ("Twin Butte")
announced today that the Toronto Stock Exchange ("TSX") has accepted Twin
Butte's Notice of Intention to make a Normal Course Issuer Bid (the "Bid") to
purchase for cancellation, from time to time, as Twin Butte considers
advisable, up to a maximum of 3,079,323 of Twin Butte's issued and outstanding
common shares ("Common Shares"). Purchases of Common Shares will be made on
the open market through the TSX. There are currently 43,424,425 Common Shares
outstanding. The maximum number of Common Shares to be purchased pursuant to
the Bid represents approximately 10% of the "public float" of the Common
Shares outstanding on the date hereof, calculated in accordance with the rules
of the TSX (being approximately 30,793,227 Common Shares). The price which
Twin Butte will pay for any Common Shares purchased by it will be the
prevailing market price of the Common Shares on the TSX at the time of such
purchase. The actual number of Common Shares that may be purchased for
cancellation and the timing of any such purchases will be determined by Twin
    The Bid will commence on October 23, 2008 and will terminate on
October 22, 2009 or such earlier time as the Bid is completed or terminated at
the option of Twin Butte. The daily limit on purchases under the Bid is 33,208
Common Shares, based on 25% of Twin Butte's average daily trading volume for
the prior six months of 132,833 Common Shares. Management of Twin Butte
believes that, from time to time, the market price of the Common Shares may
not fully reflect the underlying value of the Common Shares and that at such
times the purchase of Common Shares would be in the best interests of Twin
Butte. Such purchases will increase the proportionate interest of, and may be
advantageous to, all remaining shareholders.

    Twin Butte is a Calgary, Alberta based oil and natural gas company
engaged in exploration, development and production of oil and natural gas in
the Western Canada Sedimentary Basin. Twin Butte's focus is to increase its
underlying value through a combination of strategic acquisitions and a focused
exploration, development and exploitation program.


    The Toronto Stock Exchange has neither approved nor disapproved
    the information contained herein.

    %SEDAR: 00001562E

For further information:

For further information: Ron Cawston, President and Chief Executive
Officer, Tel: (403) 215-2040; R. Alan Steele Vice President, Finance, Chief
Financial Officer and Corporate Secretary, Tel: (403) 215-2692

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Twin Butte Energy Ltd.

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