Twin Butte Energy Ltd. announces amended terms to normal course issuer bid for its common shares

Twin Butte Energy Ltd. announced today that the Toronto Stock Exchange has accepted Twin Butte’s Notice of Intention to make a Normal Course Issuer Bid to purchase for cancellation, from time to time, as Twin Butte considers advisable, up to a maximum of 3,079,323 of Twin Butte’s issued and outstanding common shares . Purchases of Common Shares will be made on the open market through the TSX. There are currently 43,424,425 Common Shares outstanding. The maximum number of Common Shares to be purchased pursuant to the Bid represents approximately 10% of the “public float” of the Common Shares outstanding on the date hereof, calculated in accordance with the rules of the TSX (being approximately 30,793,227 Common Shares). The price which Twin Butte will pay for any Common Shares purchased by it will be the prevailing market price of the Common Shares on the TSX at the time of such purchase. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by Twin Butte.

The Bid will commence on October 24, 2008 and will terminate on October 23, 2009 or such earlier time as the Bid is completed or terminated at the option of Twin Butte. The daily limit on purchases under the Bid is 33,208 Common Shares, based on 25% of Twin Butte’s average daily trading volume for the prior six months of 132,833 Common Shares. Management of Twin Butte believes that, from time to time, the market price of the Common Shares may not fully reflect the underlying value of the Common Shares and that at such times the purchase of Common Shares would be in the best interests of Twin Butte. Such purchases will increase the proportionate interest of, and may be advantageous to, all remaining shareholders.

Twin Butte is a Calgary, Alberta based oil and natural gas company engaged in exploration, development and production of oil and natural gas in the Western Canada Sedimentary Basin. Twin Butte’s focus is to increase its underlying value through a combination of strategic acquisitions and a focused exploration, development and exploitation program.