RedWater Energy Corp. Provides Update to Its Application to Combine 2009 and 2010 Annual General Meeting of Shareholders

RedWater Energy Corp. ("RedWater" or the "Company") (TSX VENTURE:RED) would like
to announce that an application will be made in the Court of Queen's Bench in
Calgary, Alberta on the 1st day of February, 2011, at 10:00 a.m. The Company has
previously reported that the application would be made on January 28th, 2011,
however the court is not in session on that date due to an unannounced day
without court sittings.


RedWater will be submitting the application to combine its 2009 and 2010 Annual
General Meetings of Shareholders ("AGM") and avoid holding two separate AGM
within a short time period. The 2010 AGM is tentatively scheduled for May 12,
2011. The combining of the 2009 and 2010 meetings will result in a substantial
cost savings and allow the Company to prepare and provide shareholders the most
current Audited Financial Statements, 51-101 Engineering reports and Operations
Updates. 


As part of the court application, the Corporation will seek an order permitting
this press release to serve as sufficient notice to the shareholders of the
court application. Any shareholder may receive, upon request, a copy of the
revised Originating Application and supporting Affidavit by contacting Philip
Carson at Miller Thomson LLP at 403-298-2403.


Business of RedWater Energy Corp.

RedWater Energy Corp. is a junior oil and gas exploration and development
company. RedWater is engaged in the acquisition, enhancement and exploration of
conventional oil and gas projects in Western Canada with a focus on developing
high working interest light oil opportunities. RedWater's core properties are
located in Redwater, Red Earth, Westlock, and Fairydell-Bon Accord areas of
Alberta. www.redwaterenergy.com.


The information in this news release includes certain information and statements
about management's view of future events, expectations, plans and prospects that
constitute forward looking statements. These statements are based upon
assumptions that are subject to significant risks and uncertainties. Because of
these risks and uncertainties and as a result of a variety of factors, the
actual results, expectations, achievements or performance may differ materially
from those anticipated and indicated by these forward looking statements.
Although RedWater believes that the expectations reflected in forward looking
statements are reasonable, it can give no assurances that the expectations of
any forward looking statements will prove to be correct. Except as required by
law, RedWater disclaims any intention and assumes no obligation to update or
revise any forward looking statements to reflect actual results, whether as a
result of new information, future events, changes in assumptions, changes in
factors affecting such forward looking statements or otherwise.