Graniz Mondal Inc. ("Graniz" or the "Corporation") (NEX:GRA.H) today announced
amended terms for the private placement financing to be completed in connection
with its previously announced proposed reverse takeover reactivation transaction
involving the purchase of all of the issued and outstanding securities of Offset
Energy Corporation ("Offset"). Offset is a private company that was formed to
participate in oil and gas exploration and development offshore in the Gulf of
Mexico.


Terms of the Transaction

As previously announced on July 18, 2008, Graniz entered into a letter agreement
with Offset and the shareholders of Offset dated July 4, 2008, which has been
amended by an amending letter agreement dated September 17, 2008 (collectively,
the "Letter Agreement"). Pursuant to the Letter Agreement, Graniz has agreed to
acquire, by way of acquisition or amalgamation, all of the issued and
outstanding securities of Offset in exchange for the issuance of 16,320,000
common shares in the capital of Graniz (the "Graniz Common Shares"), which will
have a reduced deemed value of $0.20 per share, and 3,680,000 founders warrants
of Graniz (the "Replacement Founders Warrants"), each entitling the holder to
purchase one Graniz Common Share at a price of $0.05 per share for a period of
two years (the "Acquisition"). The Acquisition, when completed, will constitute
the Reactivation Transaction of the Corporation pursuant to Policy 2.6 of TSX
Venture Exchange Inc. (the "TSX Venture") Corporate Finance Manual. The
Acquisition will also be a "reverse takeover" pursuant to Policy 5.2 of TSX
Venture.


Revised Terms of the Offset Private Placement

The Acquisition is to be completed after Offset has completed a private
placement to raise gross proceeds of up to $6,000,000 (the "Offset Private
Placement"). Due to the state of the international financial markets, Offset has
agreed to amend the terms of the Offset Private Placement with its agent, Becher
McMahon Capital Markets Inc. (the "Agents"). The Offset Private Placement will
now consist of the private placement of up to 30,000,000 units of Offset (the
"Units") at a price of $0.20 per Unit. Each Unit will consist of one Offset
Common Share, one-half of one series A share purchase warrant of Offset (the
"Offset Series A Warrants") and one-half of one series B share purchase warrant
of Offset (the "Offset Series B Warrants"). Each whole Offset Series A Warrant
will entitle the holder to acquire one Offset Common Share at a price of $0.40
per share for a period of 18 months. Each whole Offset Series B Warrant will
entitle the holder to acquire one Offset Common Share at a price of $0.60 per
share for a period of 18 months. The agent's options (the "Offset Agent's
Options") to be granted to the Agent will be to purchase 10% of the number of
Units sold under the Offset Private Placement, with each Offset Agent's Option
entitling the holder to purchase one Unit at a price of $0.20 per Unit for a
period of 18 months from the closing of the Offset Private Placement.


The closing of the Offset Private Placement is subject to the receipt of minimum
gross proceeds of $2,500,000.


The net proceeds of the Offset Private Placement will be used by Offset to pay
for oil and gas exploration, including the work program on its assets as
described below, as well as for general working capital purposes.


Proposed Work Program on the Offset Properties

Over the next 12 months Offset intends to utilize the gross proceeds from the
maximum Private Placement together with the cash assets of Graniz of
approximately $350,000, as follows:




-----------------------------------------------------------------------
Nature Expense                    Budget                  Net to Offset(i)
-----------------------------------------------------------------------
Drill Well at WC 629         $14,000,000                     $2,100,000
-----------------------------------------------------------------------
Drill well at SMI 138         $6,000,000                     $2,400,000
-----------------------------------------------------------------------
Drill well at VK 79           $2,500,000                     $1,000,000
-----------------------------------------------------------------------
Commission and Costs of 
Offset Private Placement             N/A                       $500,000
-----------------------------------------------------------------------
Cost of Completion of
the Acquisition                      N/A                       $130,000
-----------------------------------------------------------------------
Unallocated Working Capital          N/A                       $220,000
-----------------------------------------------------------------------
                                   Total                     $6,350,000
-----------------------------------------------------------------------

Note: (i) Offset intends to spend its available funds as set forth above,
          as well as for general working capital purposes. However, there
          may be circumstances where, for sound business reasons, a 
          reallocation of its available funds may be necessary. The actual
          amount that Offset spends in connection with each of the matters
          described above may vary significantly from the amounts specified
          above, and will depend on a number of factors.



In the event only the minimum Offset Private Placement is completed, Offset will
utilize the proceeds of the Offset Private Placement and the existing cash
assets of Graniz to pay the commission and costs of the Offset Private
Placement, the costs of the Acquisition and the cost to drill the exploration
well at WC 629.


Conditions to Completion of the Acquisition

The completion of the Acquisition is subject to the approval of TSX Venture and
all other necessary regulatory approval. The completion of the Acquisition is
also subject to additional conditions precedent, including shareholder approval
of the Corporation, satisfactory completion by due diligence reviews by the
parties, board of directors approval of the Corporation and Offset, the entering
into of a formal agreement, the entering into of employment agreements and
non-competition agreements with certain senior officers of Offset, completion of
the change of name of Graniz, as well as certain other usual conditions.


Other Matters

Graniz announces it has reserved a price of $0.20 per share for the grant of
stock options to acquire up to 10% of the number of issued and outstanding
Graniz Common Shares (the "Stock Options") in the event the Acquisition and the
Offset Private Placement are completed. The grant of the Stock Options is
subject to regulatory approval. The Stock Options will be granted to directors,
officers, employees and consultants of Graniz on the closing of the Acquisition,
as determined by the Board of Directors of Graniz.


As indicated above, completion of the Acquisition is subject to a number of
conditions, including but not limited to, TSX Venture acceptance and shareholder
approval. The Acquisition cannot close until the required shareholder approval
is obtained. There can be no assurance that the Acquisition will be completed as
proposed or at all.


Investors are cautioned that, except as disclosed in the Information Circular of
the Corporation to be prepared in connection with the Acquisition, any
information released or received with respect to the Acquisition may not be
accurate or complete and should not be relied upon. Trading in the securities of
the Corporation should be considered highly speculative.


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


Except for historical information contained herein, this news release contains
forward-looking statements that involve risks and uncertainties. Actual results
may differ materially. Neither Offset nor Graniz will update these
forward-looking statements to reflect events or circumstances after the date
hereof. More detailed information about potential factors that could affect
financial results is included in the documents filed from time to time with the
Canadian securities regulatory authorities by Graniz and Offset.