Grey Wolf Exploration Inc. (TSX:GWE) ("Grey Wolf" or "the Company") announces that its board of directors has called an annual and special meeting of shareholders to be held in Calgary, Alberta on June 29, 2009. The record date for the meeting is May 19, 2009.

In addition to dealing with the normal annual meeting business and any other matter that may be properly brought before the meeting, the meeting will serve as the special meeting requisitioned by Nova Bancorp Energy Ventures Limited Partnership ("Nova Bancorp"). Nova Bancorp previously requisitioned a meeting of Grey Wolf's shareholders to consider the removal of the current directors and the election of new directors to be proposed by Nova Bancorp.

Grey Wolf is an Alberta-based oil and natural gas company involved in the exploration, development and production of natural gas and crude oil in the Western Canadian Sedimentary Basin. Grey Wolf operates horizontal resource plays in the Doig and Montney of the Peace River Arch and the Horn River Shale at Petitot. Conventional operations include the gas reservoirs of the Slave Point at Petitot and the gas reservoirs in the Cardium, Viking and Mannville at Caroline. The Company's common shares trade on the Toronto Stock Exchange under the symbol "GWE".