Mr. Toby Pierce reports

CREST PETROLEUM ANNOUNCES PLANNED SHARE CONSOLIDATION

Crest Petroleum Corp. plans to consolidate all of the issued and outstanding common shares of the company on up to a one-for-five basis. The proposed share consolidation is subject to TSX Venture Exchange approval. The proposed share consolidation has been approved by the company's board of directors and is being proposed in light of current market conditions.

The effect of the proposed consolidation will be to reduce the number of common shares issued and outstanding from 8.75 million preconsolidated common shares to 1.75 million postconsolidated common shares.

Crest also announces the resignation of Adam Cegielski from the board of directors. The company thanks Mr. Cegielski for his service to the company.

We seek Safe Harbor.