Granite Energy, Inc. Becomes Publicly Traded

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• 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

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

The internationally acclaimed La Caille restaurant (http://www.lacaille.com), 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 event.

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 http://www.GraniteEnergy.com.

Media Contact: Angelia Pinaga

Day Phone: (214) 608-7156

Night phone: (214) 608-7156

Event day: (214) 608-7156

Investor Relations Contact:

S. Matthew Schultz/Chairman

161 North Main

Bountiful, UT 84010

(801) 716-0510

Forward-looking statements

Assumptions Underlying Forward-Looking Statements And Factors That May Affect Future Results

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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