RedWater Energy Corp. ("RedWater" or the "Company") (TSX VENTURE:RED) would like
to announce that an application will be made in the Court of Queen's Bench in
Calgary, Alberta on the 28th day of January, 2011, at 10:00 a.m. for an Order
postponing the next annual general meeting ("AGM") of the shareholders of the
Corporation to a date no later than May 31, 2010.


The Corporation will distribute audited financial statements to its shareholders
no later than 120 days after December 31, 2010. The directors and management of
the Corporation believe that it would be in the best interest of the Corporation
and its shareholders to postpone the AGM to a date no later than May 31, 2011,
by which time the shareholders will have received the audited financial
statements.


As part of the court application, the Corporation will seek an order permitting
this press release to serve as sufficient notice to the shareholders of the
court application. Any shareholder may receive, upon request, a copy of the
Originating Application and supporting Affidavit by contacting Philip Carson at
Miller Thomson LLP at 403-298-2403.


Business of RedWater Energy Corp.

RedWater Energy Corp. is a junior oil and gas exploration and development
company. RedWater is engaged in the acquisition, enhancement and exploration of
conventional oil and gas projects in Western Canada with a focus on developing
high working interest light oil opportunities. RedWater's core properties are
located in Redwater, Red Earth, Westlock, and Fairydell-Bon Accord areas of
Alberta. www.redwaterenergy.com.


The information in this news release includes certain information and statements
about management's view of future events, expectations, plans and prospects that
constitute forward looking statements. These statements are based upon
assumptions that are subject to significant risks and uncertainties. Because of
these risks and uncertainties and as a result of a variety of factors, the
actual results, expectations, achievements or performance may differ materially
from those anticipated and indicated by these forward looking statements.
Although RedWater believes that the expectations reflected in forward looking
statements are reasonable, it can give no assurances that the expectations of
any forward looking statements will prove to be correct. Except as required by
law, RedWater disclaims any intention and assumes no obligation to update or
revise any forward looking statements to reflect actual results, whether as a
result of new information, future events, changes in assumptions, changes in
factors affecting such forward looking statements or otherwise.