Mr. Robert Zakresky reports

COELACANTH ENERGY INC. ANNOUNCES GRANT OF STOCK OPTIONS AND RESTRICTED SHARE UNITS

Coelacanth Energy Inc.'s board of directors approved the granting of incentive stock options under its stock option plan to acquire up to an aggregate of 2,101,800 common shares of the corporation and the granting of restricted share units (RSUs) under its restricted share unit plan to obtain up to an aggregate of 1,050,900 common shares to certain of its directors and officers. It has also approved the granting of 481,534 options and 240,766 RSUs to certain of its employees and consultants.

All of the options are exercisable for a period of five years at a price of 80 cents per common share and 33-1/3 per cent of the options will vest on the date that is one year after the date of the grant of such options and the remainder will vest 33-1/3 per cent per year thereafter. All of the RSUs are exercisable for a period of three years at no additional cost, and 33-1/3 per cent of the RSUs will vest on the date that is one year after the date of the grant of such RSUs and the remainder will vest 33-1/3 per cent per year thereafter.

Following the grant of options and RSUs, Coelacanth has an aggregate of 13,248,707 options and 5,380,086 RSUs outstanding. Coelacanth's share based incentive plans limit the total number of common shares underlying the aggregate outstanding options and RSUs to no more than 10 per cent of the issued and outstanding common shares of 528,650,142. As of the date of this press release, the total number of common shares underlying the outstanding options and RSUs on an aggregate basis is 18,628,793.