Graniz Mondal Inc. Announces Cancellation of Proposed Reactivation Transaction

NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA 

Graniz Mondal Inc. ("Graniz" or the "Corporation") (NEX:GRA.H) today announced
that it is not proceeding with its proposed Reactivation Transaction with Offset
Energy Corporation ("Offset") as previously announced on July 18, 2008.


The Corporation entered into a letter agreement with Offset dated July 4, 2008
(the "Letter Agreement") and an amended letter agreement dated September 17,
2008 (the "Amended Letter Agreement") to complete the reverse takeover of Offset
by Graniz (the "Transaction"). The Transaction, when completed, would have
constituted the reactivation transaction of the Corporation, pursuant to the
policies of TSX Venture Exchange Inc. (the "TSX Venture").


The Corporation completed initial filings with TSX Venture in July 2008. After
initial review, TSX Venture approved the proposed structure and the Transaction
was announced on July 18, 2008. Subsequent to that time, the parties agreed to
amend the terms of the proposed concurrent private placement to be completed by
Offset (the "Offset Private Placement").


Unfortunately, due to the world financial crisis, the parties have determined
that the proposed Offset Private Placement to be completed as a condition to
completion of the Transaction cannot be completed at this time.


The Corporation has spent the last couple of weeks reviewing financing
alternatives and has determined that it is in the best interests of the
Corporation to terminate the Letter Agreement.


The Corporation intends to continue to identify and evaluate companies,
businesses or assets with a view to completing a reactivation transaction.