CEX Contact Exploration Inc.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Contact Exploration Inc. ("Contact" or the "Company") (TSX VENTURE:CEX)
announces that the holder of the $1 million stated value, convertible,
redeemable, 8% preferred shares ("Preferred Shares") of the Company has elected
to convert all such Preferred Shares, pursuant to the terms thereof, into common
shares of the Company ("Common Shares"). Pursuant to the terms of the Preferred
Shares, 5,000,000 Common Shares have been issued on the conversion, representing
a conversion price of $0.20 per Common Share. Following the conversion of the
Preferred Shares, Contact has no Preferred Shares outstanding.


About Contact Exploration Inc.

Contact Exploration Inc. is a public oil and gas company which has a long-term
history of operating in Atlantic Canada and has recently demonstrated success in
Alberta's liquids-rich Montney Formation tight gas play. For more information,
please see the Company's website: www.contactexp.com. 


The securities have not been and will not be registered under the United States
Securities Act of 1933, as amended and may not be offered or sold in the United
States absent registration or an applicable exemption from the registration
requirement. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful.


Neither the TSX Venture Exchange nor its Regulation Service Provider (as that
term is defined in the policies of the Exchange) accepts responsibility for the
adequacy or accuracy of this release.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Contact Exploration Inc.
Steve Harding
President and CEO
(403) 771-1091
(403) 695-3915 (FAX)
sharding@contactexp.com
www.contactexp.com

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