January 31, 2008

Effective immediately, the Class B preference shares and convertible debentures of Gray Wolf Capital Corp. ("WOLF.P.B" and "WOLF.D" respectively) are suspended from trading on CNQ for failure to comply with CNQ requirements.

The preference shares and convertible debentures, which were already halted, will remain suspended until further notice.

For further information please contact Radhika Ramkarran at (416) 572-2000 X 2435 or E-mail: radhika.ramkarran@cnq.ca