CR Crew Energy Inc

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Crew Energy Inc. ("Crew" or the "Company") (TSX:CR) is pleased to announce that
it has entered into an agreement to acquire approximately 104 net sections of
Montney formation rights in northeast British Columbia (B.C.). The lands to be
acquired are in a 16 by 40 mile area with 70 sections adjacent to or proximal to
Crew's 23 section Septimus block where the upper Montney is approximately 260 to
440 feet thick.


Crew is also pleased to announce that it has entered into an agreement with a
syndicate of underwriters co-led by Cormark Securities Inc. ("Cormark') and GMP
Securities L.P. ("GMP") pursuant to which the underwriters have agreed to
purchase on a bought deal basis 5,000,000 common shares ("Common Shares") at a
price of $13.35 per Common Share for gross proceeds of approximately $66.8
million. The Common Shares will be offered in certain provinces of Canada by way
of a short form prospectus.


Over the past year Crew has made a concerted effort to expand its presence in
northeast B.C. Specifically the Company has focused on large gas in place
resource plays which have the potential to provide Crew with repeatable,
multi-year drilling programs that provide material production and reserve
additions. In May 2007 Crew acquired a private oil and gas company which
provided the Company with 3,100 boe per day of production and a foothold land
position in the Horn River Basin Muskwa Shale gas play. Over the past year Crew
has purchased 23 net sections of land at Septimus, B.C. on an emerging natural
gas play in the Montney formation. On March 14, 2008 Crew announced a strategic
farm-in agreement to earn a 50% interest in 55 sections of land approximately 20
miles west of our Septimus block.


Today's announcement provides Crew with a dominant land position on this
emerging resource play in close proximity to infrastructure and proven
production. Crew has identified over 300 potential drilling locations targeting
the upper Montney. The purchase price for these lands is $65 million or
approximately $953 per acre. The magnitude of this acquisition has allowed Crew
to acquire lands below current market prices where offsetting land has recently
been acquired at over $3,900 per acre at the last B.C. land sale. With this
acquisition Crew's undeveloped land base will increase to 304,000 net
undeveloped acres, 45% of which is in northeast B.C. In association with and
upon completion of this acquisition Crew will have priority access to two gas
gathering systems and three natural gas facilities in the area. Upon completion
of the acquisition, Crew's plans will include the drilling of up to 14 Montney
horizontal tests in 2008.


SIGNIFICANT RESOURCE POTENTIAL

Crew's technical team has completed an extensive evaluation of the Montney
formation which is pervasive throughout the lands to be acquired. That
evaluation suggests the potential for significant natural gas resource existing
within this formation. Industry participants have tested wells on lands adjacent
to the acquired lands testing up to 7 Mmcf per day from the upper Montney zone.
The Company will also evaluate the resource potential in the lower Montney which
is relatively unproven in this area but can be up to 980 feet thick and has the
potential for additional natural gas resource.


EXPANDED CAPITAL PROGRAM

As a result of its expanded opportunity base and higher than anticipated cash
flow resulting from strong natural gas prices, Crew is expanding its exploration
and development budget by $30 million to $150 million. The Company's total
capital program, including this northeast B.C. Montney acquisition, will total
$215 million. This program will be funded by the Company's cash flow from
on-going operations, its existing $180 million credit facility and the announced
equity financing.


STRONG BALANCE SHEET

Using current forward strip natural gas prices for the remainder of the year,
Crew expects to exit 2008 in a very strong financial position with approximately
$111 million of debt or 0.6 times forward funds flow from operations. The
increase in natural gas prices is expected to fund the $30 million increase in
the Company's exploration and development program. This financial position
provides the Company with the flexibility to further increase its capital
program later in the year.


Closing of the acquisition is estimated to occur on or about May 15, 2008 and
the bought deal financing is expected to occur on or about May 1, 2008 and is
subject to certain conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the Toronto Stock Exchange.


The securities offered have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the United
States absent registration or applicable exemption from the registration
requirements. This press release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful.


ADVISORY: This press release contains forward looking statements. More
particularly, this press release contains statements concerning completion of
the proposed acquisition, drilling plans, capital programs, debt, funds flow
from operations, closing date of the offering and the anticipated use of the net
proceeds of the offering. Although Crew believes that the expectations reflected
in these forward looking statements are reasonable, undue reliance should not be
placed on them because Crew can give no assurance that they will prove to be
correct. Since forward looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties. The proposed
acquisition may not be completed if required approvals or some other condition
to closing is not satisfied. If the acquisition is completed, there is no
assurance that any resources on the lands acquired will be discovered or, if
discovered, will be commercially viable to produce. The closing of the offering
could be delayed if Crew is not able to obtain the necessary regulatory and
stock exchange approvals on the timelines it has planned. The offering will not
be completed at all if these approvals are not obtained or some other condition
to the closing is not satisfied. Accordingly, there is a risk that the proposed
acquisition or the offering will not be completed within the anticipated time or
at all. The intended use of the net proceeds of the offering by Crew might
change if the board of directors of Crew determines that it would be in the best
interests of Crew to deploy the proceeds for some other purpose.


The forward looking statements contained in this press release are made as of
the date hereof and Crew undertakes no obligations to update publicly or revise
any forward looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.

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