Gold Ridge Exploration Corp.: Corporate Update

Mr. David Heighington, Director of Gold Ridge Exploration Corp. (the
"Corporation" or "Gold Ridge") (TSX VENTURE:GEA), is pleased to announce it has
entered into a definitive Asset Purchase Agreement with Richfield Oils Inc.
regarding the proposed purchase of certain oil and gas properties located in the
Chigwell area of central Alberta, on the same terms and conditions as previously
announced via Stockwatch on January 31, 2013. 


The Corporation is currently preparing its Filing Statement for submission to
the TSX-V. Closing of the transaction is expected to occur on or about April 30,
2013. The Corporation intends to obtain the requisite shareholder approval by
written consent resolution from the majority of its shareholders. Following
completion of the Transaction, it is anticipated the resulting issuer will be
listed on the TSX-V as a Tier 2 oil and gas issuer. A National Instrument
51-101-compliant reserve and economic evaluation report is being prepared and
will be submitted to the TSX-V for review, and the detailed results will be
disclosed in a subsequent press release to be issued shortly. 


Description of Significant Conditions to Closing

Completion of the transaction is subject to a number of conditions, including
but not limited to TSX-V acceptance, shareholder and director approvals, the
completion of satisfactory due diligence by the Corporation, and the completion
of a financing to raise gross proceeds of at least $400,000 and other conditions
contained in the Asset Purchase Agreement. The transaction cannot close until
the required approvals are obtained. 


The common shares of the Corporation will remain halted pending receipt by the
TSX-V of certain required materials from the Corporation. The Corporation will
issue a further press release upon finalization and filing of the aforementioned
report pursuant to NI 51-101.


About the Corporation

The Corporation is incorporated under the provisions of the Business
Corporations Act (Alberta) and has a registered office in Calgary, Alberta. The
Corporation has historically operated as a junior mining exploration and
development company. After completion of the proposed acquisition, the
Corporation will be classified as an oil and gas issuer under the policies of
the TSX-V. 


The forward-looking statements contained in this press release are made as of
the date of this press release, and the Corporation 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 expressly required by securities law.


THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES,
AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL
ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES
HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR
SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT
THEREFROM.


The TSX Venture Exchange has in no way passed upon the merits of the proposed
transaction and has neither approved nor disapproved the contents of this press
release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Gold Ridge Exploration Corp.
Mr. David Heighington
Director
[phone]


Gold Ridge Exploration Corp.
Suite 730, 1015 - 4th Street SW
Calgary, Alberta T2R 1J4