Mr. Steve Balch reports

SPRUCE RIDGE RESOURCES LTD. ANNOUNCES STOCK OPTION AND RSU GRANT

Spruce Ridge Resources Ltd. has granted a total of 9.25 million incentive stock options to purchase common shares of the company to certain directors and officers of the company pursuant to the company's long-term incentive plan (the LTIP). Each option is exercisable into one common share at an exercise price of eight cents per common share for a period of three years from the date of grant. The options vest in full on the date of grant. All of the options expire on Dec. 13, 2026.

Additionally, the company has issued a total of 2.6 million restricted share units (the RSUs) to certain officers and directors of the company in accordance with the LTIP. Each RSU entitles the holder to acquire one common share on vesting. The RSUs will vest fully on the one-year anniversary of the grant date.

The grant of the options and RSUs is subject to the approval of the TSX Venture Exchange