Mr. Gordon Keep reports

FIORE MANAGEMENT AND JASPER MANAGEMENT ANNOUNCE FILING OF EARLY WARNING REPORT

Vanadian Energy Corp. investors Fiore Management & Advisory Corp. (FMAC) and Jasper Management & Advisory Corp. (JMAC), companies controlled by Gordon Keep, a director of Vanadian, have disposed of ownership of 412,250 common shares of the issuer. As a result of this disposition, Mr. Keep's aggregate securityholding percentage of common shares of the issuer decreased by approximately 3.46 per cent.

Immediately before the transaction that triggered the requirement to issue this release, FMAC and JMAC directly owned 1,371,250 common shares of the issuer representing approximately 11.54 per cent of the issuer's issued and outstanding common shares, and FMAC and Mr. Keep, directly and indirectly, held options entitling the purchase of 41,750 common shares of the issuer; or, assuming exercise of the options, FMAC, JMAC and Mr. Keep owned, directly and indirectly, a total of 1,413,000 common shares or approximately 11.85 per cent of the issuer's common shares on a postconversion beneficial ownership basis.

Immediately after the transaction that triggered the requirement to issue this release, FMAC and JMAC own, directly and indirectly, an aggregate 959,000 common shares of the issuer representing approximately 8.07 per cent of the issuer's issued and outstanding common shares and held, directly and indirectly, options entitling the purchase of 41,750 common shares of the issuer; or, assuming exercise of the options, FMAC, JMAC and Mr. Keep would own, directly and indirectly, a total of 1,000,750 common shares or approximately 8.39 per cent of the issuer's common shares on a postconversion beneficial ownership basis. As Mr. Keep's holdings are now below 10 per cent, he is no longer required to file early warning reports or the accompanying news release.

The securities were disposed for investment purposes by FMAC and it will evaluate its investment in the issuer and will increase or decrease its investment by future acquisitions or dispositions of securities of the issuer at its discretion, as circumstances warrant. FMAC may dispose of further common shares as the market evolves in the future. FMAC and JMAC have no immediate future intention to acquire additional securities of the issuer, or dispose of securities of the issuer that they own. FMAC may, in the future, exercise options that it owns and, thus, acquire further common shares in the capital of the issuer.

An early warning report will be filed by Mr. Keep in accordance with applicable securities laws and is available on the company's profile at SEDAR+, or by contacting Brenda Nowak (president and chief executive officer of the company) at 604-609-6110.