GREY WOLF EXPLORATION INC.
NOTICE OF ANNUAL AND SPECIAL MEETING OF SHAREHOLDERS
NOTICE IS HEREBY GIVEN that, pursuant to an interim order of the Court of Queen's Bench of Alberta granted
on June 22, 2009 (the "Interim Order"), an annual and special meeting (the "Meeting") of holders (the "Grey Wolf
Shareholders") of common shares (the "Grey Wolf Shares") of Grey Wolf Exploration Inc. ("Grey Wolf") will be
held at the SunLife Plaza Conference Centre, Roxy Theatre B, Plus 15 Level, 140 - 4th Avenue S.W., Calgary, Alberta, at
9:00 a.m. (Calgary time) on Thursday, July 23, 2009 for the following purposes:
1. to consider and, if thought advisable, to pass, a special resolution (the "Arrangement Resolution"), the
full text of which is set forth in Appendix A to the accompanying information circular dated June 22, 2009
(the "Information Circular"), approving an arrangement under Section 193 of the Business Corporations
Act (Alberta) (the "ABCA"), all as more particularly described in the Information Circular;
2. to receive the audited financial statements of Grey Wolf for the year ended December 31, 2008 and the
report of the auditors thereon;
3. to elect the directors of Grey Wolf;
4. to appoint the auditors of Grey Wolf; and
5. to transact such further and other business as may properly be brought before the Meeting.
Specific details of the matters to be put before the Meeting are set forth in the accompanying Information Circular.
The record date for the determination of Grey Wolf Shareholders entitled to receive notice of and to vote at the
Meeting is June 23, 2009 (the "Record Date"). Only Grey Wolf Shareholders whose names that are entered on the
register of Grey Wolf Shares at the close of business on the Record Date will be entitled to receive notice of and to
vote at the Meeting, provided that, to the extent a Grey Wolf Shareholder transfers the ownership of any Grey Wolf
Shares after the Record Date and the transferee of those Grey Wolf Shares establishes ownership of such Grey Wolf
Shares and demands, not later than 10 days before the Meeting, to be included in the list of Grey Wolf Shareholders
eligible to vote at the Meeting, such transferee will be entitled to vote those Grey Wolf Shares at the Meeting.
If you are a registered Grey Wolf Shareholder and are unable to attend the Meeting in person, please date, complete
and sign the enclosed form of proxy and hand deliver, mail or fax it to Olympia Trust Company, Proxy Department,
Suite 2300, 125 9th Avenue S.E., Calgary, Alberta, T2G 0P6, facsimile (403) 265-1455. In order to be valid and
acted upon at the Meeting or any adjournment thereof, proxies must be received not later than 9:00 a.m. (Calgary
time) on Tuesday, July 21, 2009 or 48 hours (excluding Saturdays, Sundays and statutory holidays) prior to the time
of any adjournment of the Meeting.
If you are an unregistered Grey Wolf Shareholder and receive these materials through your broker or another
intermediary, please date, complete, sign and return the voting instruction form provided by your broker or other
intermediary in accordance with the instructions provided therein.
Registered Grey Wolf Shareholders have the right to dissent with respect to the Arrangement Resolution and,
if the Arrangement Resolution becomes effective, to be paid the fair value of their Grey Wolf Shares in
accordance with the provisions of the Interim Order and Section 191 of the ABCA. A Grey Wolf
Shareholder's right to dissent is more particularly described in the Information Circular and the text of
Section 191 of the ABCA as set forth in Appendix G to the accompanying Information Circular. Failure to
strictly comply with the requirements set forth in Section 191 of the ABCA, as modified by the Interim
Order, may result in the loss of any right to dissent.
Persons who are beneficial owners of Grey Wolf Shares registered in the name of a broker, custodian, nominee or
other intermediary who wish to dissent, should be aware that they may only do so through the registered owner of
Dated at the City of Calgary, in the Province of Alberta, this 22nd day of June, 2009.
BY ORDER OF THE BOARD OF DIRECTORS OF
GREY WOLF EXPLORATION INC.
(signed) "R ob ert L . G . W atson"
Chairman and Chief Executive Officer