Redcliffe Reports 2008 Year-End Reserves

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

Redcliffe Exploration Inc. ("Redcliffe" or the "Company") (TSX VENTURE:RXP.A)
(TSX VENTURE:RXP.B) is pleased to provide the following summary information from
its annual independent reserve evaluation completed by McDaniel & Associates
Consultants Ltd. as at December 31, 2008 (the "McDaniel Report"). These
estimates were prepared in accordance with National Instrument 51-101: Standards
of Disclosure of Oil and Gas Activities ("NI 51-101"). Additional information on
the Company's reserves, as required by NI 51-101, will be filed on SEDAR
(www.sedar.com) prior to April 30, 2009.


HIGHLIGHTS

- Redcliffe increased both Total Proved reserves and Proved plus Probable
reserves by 32% over 2007 year-end estimates due to increased reserves in its
core area of Gold Creek in the Peace River Arch area of Alberta;


- Total Proved plus Probable reserves increased to 4.094 million barrels of oil
equivalent, comprised of approximately 41.5% crude oil and natural gas liquids
and 58.5% natural gas;


- Increased Net Present Value (before tax discounted at 10%) of Proved plus
Probable reserves to $76.3 million;


- Replaced 2008 production by 2.6 times on a Proved basis and 3.9 times on a
Proved plus Probable basis;


- Redcliffe's reserve life index, based on the Company's exit rate of 1,332
boe/d - representing production from the last week of December 2008, was 4.6
years on a Proved basis and 8.4 years on a Proved plus Probable basis;


- Estimated 2008 finding and development costs, including changes to future
development costs, were $19.84/boe on a Proved basis and $14.09/boe on a Proved
plus Probable basis. Excluding changes to future development costs, 2008 finding
and development costs were $20.35/boe on a Proved basis and $12.54/boe on a
Proved plus Probable basis.


- Estimated 2008 finding, development and acquisition costs, including changes
to future development costs, were $18.82/boe on a Proved basis and $14.78/boe on
a Proved plus Probable basis. Excluding changes to future development costs,
2008 finding, development and acquisition costs were $19.37/boe on a Proved
basis and $12.97/boe on a Proved plus Probable basis; and


- Achieved a recycle ratio of 1.7 on a Proved basis and 2.4 on Proved plus
Probable basis.


RESERVES

The following table summarizes the Company's gross (working interest before
royalties) and net (working interest after royalties) interests in proved and
probable reserves at December 31, 2008, as assessed in the McDaniel Report using
their January 1, 2009 forecasted price and cost assumptions.




                                                      Summary of Reserves(1)
                            ------------------------------------------------
                                  Light/Medium Oil            Natural Gas(4)
                             Gross(2)        Net(3)      Gross(2)     Net(3)
----------------------------------------------------------------------------
                               (Mbbl)        (Mbbl)        (MMcf)     (MMcf)

Proved
  Producing                    349.2         258.4       5,858.5    4,131.3
  Non-Producing                  0.6           0.6       2,189.5    1,654.5
----------------------------------------------------------------------------
Total Proved                   349.8         259.0       8,047.9    5,785.8
Probable                       300.9         219.8       6,332.1    4,567.2
----------------------------------------------------------------------------
Total Proved
 plus Probable                 650.8         478.8      14,380.0   10,353.0
----------------------------------------------------------------------------
----------------------------------------------------------------------------


                                                      Summary of Reserves(1)
                            ------------------------------------------------
                               Natural Gas Liquids     Total Oil Equivalent
                             Gross(2)        Net(3)      Gross(2)     Net(3)
----------------------------------------------------------------------------
                               (Mbbl)        (Mbbl)        (Mboe)     (Mboe)

Proved
  Producing                    398.3         233.9       1,724.0    1,180.8
  Non-Producing                163.1         100.5         528.6      376.9
----------------------------------------------------------------------------
Total Proved                   561.4         334.4       2,252.6    1,557.8
Probable                       485.1         289.8       1,841.4    1,270.8
----------------------------------------------------------------------------
Total Proved
 plus Probable               1,046.5         642.2       4,094.0    2,828.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) Numbers in this table are subject to rounding error.
(2) "Gross" means Redcliffe's total working interest reserves before
    royalties owned by others and without including any royalty interest
    owned by Redcliffe.
(3) "Net" means Redcliffe's total working interest reserves and/or royalty
    interest share after deducting the amounts attributable to royalties
    owned by others.
(4) Natural gas volumes include solution gas volumes associated with
    Redcliffe's light and medium crude oil reserves.
(5) Natural gas is converted to barrels of oil equivalent ("boe") at a
    ratio of six thousand standard cubic feet to one barrel of oil.



NET PRESENT VALUE OF FUTURE NET REVENUES

The following table summarizes Redcliffe's share of the net present value of its
reserves, prior to provision for income taxes, interest and general and
administrative expenses, at December 31, 2008 as assessed in the McDaniel Report
using their January 1, 2009 forecasted price and cost assumptions.




                                   Net Present Value of Future Net Revenues
                                             Before Income Taxes(1)(2)(3)(4)
----------------------------------------------------------------------------
(in $ thousands)                       0%         5%        10%          15%

Proved
  Producing                     48,766.3   41,520.9   36,371.6     32,535.8
  Non-Producing                 15,775.2   11,725.2    9,400.7      7,927.3
----------------------------------------------------------------------------
Total Proved                    64,541.4   53,246.1   45,772.2     40,463.2
Probable                        56,041.5   40,033.1   30,491.4     24,275.3
----------------------------------------------------------------------------
Total Proved
 plus Probable                 120,583.0   93,279.1   76,263.7     64,738.5
----------------------------------------------------------------------------
----------------------------------------------------------------------------

(1) Numbers in this table are subject to rounding error.
(2) Values are net of abandonment liabilities.
(3) The net present values of future net revenues may not represent fair
    market value.
(4) The net present values of future net revenues do not take into account
    the Alberta government's transitional royalties or the short-term
    incentives announced on March 3, 2009.



PRICE FORECASTS

The following table summarizes price forecasts used to determine future revenues
from the Company's reserves.




                         Edmonton    Alberta AECO                          
                 WTI        Light      Spot Price                  Exchange
Year       Crude Oil    Crude Oil     Natural Gas   Inflation          Rate
----------------------------------------------------------------------------
            ($US/bbl)   ($Cdn/bbl)    ($Cdn/MMBtu)    (%/year)    ($US/$Cdn)

2009           60.00        69.60            7.40         2.0          0.85
2010           71.40        83.00            8.00         2.0          0.85
2011           83.20        91.40            8.45         2.0          0.90
2012           90.20        93.90            8.80         2.0          0.95
2013           97.40        96.30            9.05         2.0          1.00
2014           99.40        98.30            9.25         2.0          1.00
2015          101.40       100.30            9.45         2.0          1.00
2016          103.40       102.30            9.60         2.0          1.00
2017          105.40       104.20            9.80         2.0          1.00
2018          107.60       106.40           10.00         2.0          1.00
2019          109.70       108.50           10.20         2.0          1.00
2020          111.90       110.70           10.40         2.0          1.00
2021          114.10       112.80           10.60         2.0          1.00
2022          116.40       115.10           10.80         2.0          1.00
2023          118.80       117.50           11.05         2.0          1.00
Thereafter  +2%/year     +2%/year        +2%/year         2.0          1.00

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FINDING AND DEVELOPMENT COSTS

The Company's finding and development costs as well as finding, development and
acquisition costs for each of the three fiscal periods ended December 31, 2008
are detailed in the table below.




                                                             Total / Three-
                                      2008(1)   2007  2006(2)  Year Average
----------------------------------------------------------------------------

Finding & Development Costs ("F&D")

Capital expenditures ($ millions)(3)    19.5    15.2     5.5           40.1
Change in Future Development
  Capital ("FDC") ($ millions):
  Proved                                (0.5)    0.8     0.5            0.8
  Proved plus Probable                   2.4     4.3     1.0            7.7

Proved reserves added (Mboe)           956.7   677.2   137.2        1,771.1
Proved plus Probable reserves
 added (Mboe)                        1,552.7 1,271.8   237.9        3,062.4

Proved F&D costs ($/boe):
  Including FDC                        19.84   23.63   43.54          23.12
  Excluding FDC                        20.35   22.40   39.87          22.65

Proved plus Probable F&D costs ($/boe):
  Including FDC                        14.09   15.28   27.28          15.61
  Excluding FDC                        12.54   11.93   22.99          13.10

----------------------------------------------------------------------------



                                                             Total / Three-
                                      2008(1)   2007  2006(2)  Year Average
----------------------------------------------------------------------------

Finding, Development & Acquisition
 Costs ("FD&A")

Capital expenditures ($ millions)       17.3    45.1     5.5           67.9
Change in Future Development
  Capital ("FDC") ($ millions):
  Proved                                (0.5)    0.8     0.5            0.8
  Proved plus Probable                   2.4     4.3     1.0            7.7

Proved reserves added (Mboe)(4)        894.3 1,724.2   137.2        2,755.7
Proved plus Probable reserves
 added (Mboe)(4)                     1,335.4 3,023.8   237.9        4,597.1

Proved FD&A costs ($/boe):
  Including FDC                        18.82   26.67   43.54          24.96
  Excluding FDC                        19.37   26.18   39.87          24.65

Proved plus Probable F&D costs ($/boe):
  Including FDC                        14.78   16.34   27.28          16.45
  Excluding FDC                        12.97   14.93   22.99          14.78

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(1) Certain information in the foregoing calculations includes information
    based on estimated unaudited financial results that may change on
    completion of the audited financial statements for the year ended
    December 31, 2008.
(2) For the period from May 4, 2006 (date of incorporation) to December 31,
    2006.
(3) Capital expenditures for the F&D calculation for the year ended
    December 31, 2008 were adjusted lower by $4.2 million as this relates
    to land purchases and their immediate disposition to a land fund;
    management believes including such amounts in F&D capital expenditures
    does not provide an accurate indication of actual F&D costs for 2008.
    Reversing this adjustment would have resulted in F&D costs of $24.18
    (including FDC)/boe (Proved), $24.70 (excluding FDC)/boe (Proved),
    $16.77 (including FDC)/boe (Proved plus Probable), and $15.22
    (excluding FDC)/boe (Proved plus Probable). FD&A costs are unaffected
    by such adjustment.
(4) For the year ended December 31, 2008, the Company had net dispositions
    of reserves for purposes of the FD&A calculation.



RESERVES COMMITTEE OF REDCLIFFE

Redcliffe has a Reserves Committee, comprised of independent board members, that
reviews the qualifications and appointment of the independent reserve
evaluators. The Reserves Committee also reviews the process for providing
information to the evaluators and meets with the independent evaluators to
discuss the procedures used in their independent report, to review major
property assessments, and to discuss any areas of risk. The evaluation in the
McDaniel Report of the 2008 year-end reserves of Redcliffe was reviewed by the
Reserves Committee on March 3, 2009, and approved by the Company's Board of
Directors on March 11, 2009.


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 areas of operational focus include the Peace
River Arch and Pembina areas of Alberta. The Company's current production is
approximately 1,350 - 1,400 boe/d (approximately 70% natural gas).


Forward-Looking Statements: This news release contains certain forward-looking
statements, including management's assessment of future plans and operations,
and capital expenditures and the timing thereof, that involve substantial known
and unknown risks and uncertainties, certain of which are beyond the Company's
control. Such risks and uncertainties include, without limitation, risks
associated with oil and gas exploration, development, exploitation, production,
marketing and transportation, loss of markets, volatility of commodity prices,
currency fluctuations, imprecision of reserve estimates, environmental risks,
competition from other producers, inability to retain drilling rigs and other
services, delays resulting from or inability to obtain required regulatory
approvals and ability to access sufficient capital from internal and external
sources, the impact of general economic conditions in Canada, the United States
and overseas, industry conditions, changes in laws and regulations (including
the adoption of new environmental laws and regulations) and changes in how they
are interpreted and enforced, increased competition, the lack of availability of
qualified personnel or management, fluctuations in foreign exchange or interest
rates, stock market volatility and market valuations of companies with respect
to announced transactions and the final valuations thereof, and obtaining
required approvals of regulatory authorities. The Company's actual results,
performance or achievements could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no assurances can
be given that any of the events anticipated by the forward-looking statements
will transpire or occur, or if any of them do so, what benefits, including the
amount of proceeds, that the Company will derive there from. Readers are
cautioned that the foregoing list of factors is not exhaustive. Additional
information on these and other factors that could effect the Company's
operations and financial results are included in reports on file with Canadian
securities regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com). All subsequent forward-looking statements, whether written or
oral, attributable to the Company or persons acting on its behalf are expressly
qualified in their entirety by these cautionary statements. Furthermore, the
forward-looking statements contained in this news release are made as at the
date of this news release and the Company does not undertake any obligation to
update publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise, except as
may be required by applicable securities laws.


BOE may be misleading, particularly if used in isolation. A BOE conversion of 6
Mcf: 1 bbl is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value equivalency at the
wellhead.