Granite Energy, Inc. Becomes Publicly Traded

- La Caille Closed to Public to Host 'By Invitation Only' Event for

Granite Energy

- Granite Energy Plans to Explore Oil Opportunities in Utah

- Granite Energy Becomes Publicly Traded Company

Dec 27, 2005, 00:00 ET from Granite Energy, Inc.

    SALT LAKE CITY, Dec. 27 /PRNewswire-FirstCall/ -- The internationally
 acclaimed La Caille restaurant (, located 20 minutes
 south of Salt Lake City, will be closed to the general public on Wednesday,
 December 28, 2005 in order to host an exclusive, by invitation only event for
 Granite Energy, Inc., a leading independent energy company headquartered in
 Texas, focused on oil and gas development, exploration and production.
     Granite Energy has reserved the entire La Caille restaurant, staff and
 facilities to host its officers, directors, shareholders and VIP guests from
 across the country.  According to La Caille event coordinator Sharon Camp,
 Granite Energy is throwing the biggest, most exquisite event ever hosted by
 the La Caille.  Granite Energy plans to make important announcements at the
     The event has some very unique attributes, such as a custom beverage and
 wet bar built and carved out of 2000 pounds of solid ice. In addition, Granite
 Energy has retained nationally acclaimed Las Vegas performer Jason Hewlitt to
 provide after dinner musical comedy, Joe Muscolino's 11-piece band and
 vocalists to provide late evening musical and dancing entertainment, as well
 as a String Quartet for ambiance during dinner.
     The event is hosted by Salt Lake City developers Mr. and Mrs. David and
 Joyce Halling, and by Norma J. Nichols of Ranchester, Wyoming.
     Notable invitees include:  Senior Economic Development Advisor, Chris
 Roybal from Governor Jon Huntsman's office; Utah artist, Mr. Chad Hawkins, who
 has received commissions from Governor Huntsman's office, the Utah State
 Legislature and other distinguished commissions; guests from the following
 organizations: Utah Geological Association, Society of Petroleum Engineers,
 American Association of Petroleum Geologists, Utah Petroleum Association and
 the Utah Division of Oil, Gas, Mining, Department of Natural Resources; and C-
 level officers from leading corporations.
     Granite Energy, Inc. (OTC: GNGI) announced today that it is a publicly
 traded company and its shares trade under the ticker symbol GNGI.  "As a
 public company, we are well-positioned to grow our core business, while
 leveraging our financial strength and powerful brand in higher growth adjacent
 market segments," said Mr. Benjamin Hoskins, President of Granite Energy, Inc.
     Granite Energy participates in various joint ventures with other oil and
 gas companies, institutions and select individuals.
     Granite Energy is currently pursuing Utah oil exploration opportunities in
 areas that follow similar trend lines and geology to the famous 2003 Wolverine
 oil discovery in Central Utah near Sigurd, known as the Covenant Field.  The
 Covenant Field is now believed to hold as much as 200 million barrels of oil
 or more, which is the largest on-shore discovery in the contiguous United
 States in approximately 30 years.
     Granite Energy has acquired options or contracts on various oil leases
 which show tremendous oil potential based on the reinterpretation of past
 geology, surface structure topography and drilling data. They have combined
 this historical data with new data available, in large part due to the
 Wolverine discovery.  Extrapolation of the data and geology suggests possible
 volumetrics of 1 Billion barrels of oil, or more, possible in one particular
 area of interest to Granite Energy. Granite Energy believes that Utah will
 play a significant role in oil production in the future.
     About Granite Energy
     Granite Energy ("Granite") (GNGI) is a leading independent energy company
 headquartered in Texas and focused on oil and gas development, exploration and
 production. With oil professionals in offices throughout North America,
 Granite executes on a proprietary business model that enhances the lifecycle
 for oil producing properties. Granite Energy has growing oil and gas holdings
 in Texas and Oklahoma. The combination of Granite's methodologies, geological
 and technical expertise enables Granite to deliver the tangible economic
 benefits in the acquisition and development of oil and gas fields with both
 current production as well as exploration and development of new prospects.
 For more information visit
     Media Contact: Angelia Pinaga
     Phone: (214) 608-7156
     Investor Relations Contact:
     S. Matthew Schultz/Chairman
     161 North Main
     Bountiful, UT 84010
     (801) 716-0510
     Forward-looking statements
     Safe Harbor Statement under the Private Securities Litigation Reform Act
 of 1995: This news release contains forward-looking information within the
 meaning of Section 27A of the Securities Act of 1933, as amended, and Section
 21E of the Securities Exchange Act of 1934, as amended, including statements
 that include the words "believes," "expects," "anticipates" or similar
 expressions. These include the failure of any of the conditions to closing
 stated above, completion of the acquisitions of the target businesses,
 attracting necessary management, a delay in the formal launch of the website,
 raising the necessary capital to fund business operations and potential market
 competition. Such forward-looking statements involve known and unknown risks,
 uncertainties and other factors that may cause the actual results, performance
 or achievements of the Company to differ materially from those expressed or
 implied by such forward-looking statements. (Such factors include, among
 others, the risk factors contained in the company's Annual Reports and other
 filings with the Securities and Exchange Commission.) In addition, description
 of any past success, either financial or strategic, is no guarantee of future
 success. The Company will remain dependent upon future financing for its
 growth and development, and for it to successfully implement its business
 plan. No statement contained herein should be construed as indicating that
 such financing is or will be available, and if available, will be on terms
 favorable to the Company. This news release speaks as of the date first set
 forth above and the Company assumes no responsibility to update the
 information included herein for events occurring after the date hereof.
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SOURCE Granite Energy, Inc.