Redcliffe Completes Acquisition of First Western Financial Ventures Inc.

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO U.S. PERSONS.

Redcliffe Exploration Inc. ("Redcliffe") (TSX VENTURE:RXP.A) (TSX VENTURE:RXP.B)
is pleased to announce that it has completed the previously announced
acquisition of First Western Financial Ventures Inc. ("FWF") for cash and shares
(the "Acquisition"). Under the terms of the Acquisition, Redcliffe acquired all
of the 8,800,000 issued and outstanding common shares of FWF in exchange for
$22,500 cash and 8,620,000 Class A shares of Redcliffe. The net assets acquired
consist of working capital - cash and cash equivalents less accounts payable and
accrued liabilities, before transaction costs incurred by FWF - of approximately
$1.65 million. In connection with the closing of the Acquisition, Redcliffe paid
Jennings Capital Inc. a fee of $65,000.


Redcliffe is a Calgary, Alberta based company engaged in the exploration for,
and development and production of conventional crude oil and natural gas
reserves in western Canada. Redcliffe's strategy is to build shareholder value
through internally generated exploration and development drilling, and through
selective acquisitions. Redcliffe's primary area of operational focus is the
Peace River Arch with development activity in the Pembina area of Alberta.


Forward-Looking Statements: This news release contains statements about future
events that are forward looking in nature and, as a result, are subject to
certain risks and uncertainties such as changes in plans or the occurrence of
unexpected events. Actual results may differ from the estimates provided by
management.