Grey Wolf Exploration Inc. Provides Operations Update

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UNITED STATES


Grey Wolf Exploration Inc. ("Grey Wolf") (TSX:GWE) announced today that its
average production volume for the last week of December 2008 was over 2,300
barrels of oil equivalent per day ("boe/d"). Current average production is over
2,450 boe/d, reflecting the impact of two additional 50 percent working interest
("WI") wells placed on production in late December.


Grey Wolf has also announced that its 2009 capital expenditure program has been
approved at $15 million. "During this time of falling commodity prices and
uncertain global economic stability, we believe that our best strategy for 2009
is to limit capital spending to key, high-impact projects that will add to
reserves and production, and to focus on reducing corporate debt" stated Mr. Bob
Watson, Chairman and Chief Executive Officer of the Company.


The capital program includes the tie-in of our 2008 100% WI Slave Point natural
gas discovery at 2-17-121-11 W6M which tested at 9 million cubic feet per day
("MMcf/d"). This indicated an absolute open flow ("AOF") of 75 MMcf/d and we
expect this well will initially produce at rates between 3 to 6 MMcf/d (500 to
1,000 boe/d). Production is anticipated to commence by late first quarter 2009.


In addition, drilling of a 100 percent WI horizontal well is scheduled to
commence during the third quarter of 2009, to follow up on Grey Wolf's
successful horizontal wells on its Pouce Coupe Montney/Doig resource play.


In other news, the Company announced that it has moved to new office space
located at Suite 2100 - 140 - 4 Avenue S.W., Calgary, Alberta T2P 3N3. Telephone
and fax numbers remain unchanged.


Grey Wolf is an Alberta-based oil and natural gas company involved in the
exploration, development and production of natural gas and crude oil in the
Western Canadian Sedimentary Basin. Grey Wolf operates horizontal resource plays
in the Doig and Montney of the Peace River Arch and the Horn River Shale at
Petitot. Conventional operations include the gas reservoirs of the Slave Point
at Petitot and the gas reservoirs in the Cardium, Viking and Mannville at
Caroline. The Company's common shares trade on the Toronto Stock Exchange under
the symbol "GWE".


Forward-Looking Statements - Certain information set forth in this document,
including management's assessment of Grey Wolf's future plans and operations,
contains forward-looking statements. By their nature, forward-looking statements
are subject to numerous risks and uncertainties, some of which are beyond Grey
Wolf's control, including the impact of general economic conditions, industry
conditions, volatility of commodity prices, currency fluctuations, imprecision
of reserve estimates, environmental risks, competition from other industry
participants, the lack of availability of qualified personnel or management,
stock market volatility and ability to access sufficient capital from internal
and external sources. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance should not
be placed on forward-looking statements. Grey Wolf's actual results, performance
or achievement could differ materially from those expressed in, or implied by,
these forward-looking statements. No assurance can be given that any of the
events anticipated will transpire or occur, or if any of them do so, what
benefits Grey Wolf will derive from them. Grey Wolf disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.


The calculation of barrels of oil equivalent (.boe.) is based on a conversion
ratio of six thousand cubic feet of natural gas to one barrel of oil to estimate
relative energy content and does not represent a value equivalency . boes may be
misleading, particularly if used in isolation.

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