AAO Augusta Industries (delisted)

ARAPAHOE ENERGY CORPORATION ("Arapahoe") (TSX VENTURE:AAO) announces amendments
to the trust indenture (the "Trust Indenture") dated April 11, 2007 between
Arapahoe and Computershare Trust Company of Canada pursuant to which the
Corporation created and issued up to $11,500,000 convertible secured
subordinated debentures, as previously announced on April 10, 2007. The Trust
Indenture has been amended to change the definition of a "Business Combination
Transaction" to include "any purchase or acquisition of assets or shares from
another corporation or entity" so that Arapahoe may consider other types of
business transactions in order to meet its obligations to Debentureholders under
the Trust Indenture. As well, Arapahoe now has until April 30, 2008 rather than
December 31, 2007 to complete a "Business Combination Transaction".


Management of Arapahoe believes that the foregoing will allow Arapahoe to
evaluate the market more fully in the first quarter of 2008, when engineering
and related financial reviews of the junior oil and gas companies as at December
31, 2007 are available and better understood in the context of current market
conditions.


ON BEHALF OF THE BOARD OF DIRECTORS OF ARAPAHOE ENERGY CORPORATION

Robert J. Chenery, President & CEO

Forward-Looking Statements

This release may contain forward-looking statements. These statements are based
on management's current expectations and beliefs and are subject to a number of
risks and uncertainties that could cause actual results to differ materially
from those described in the forward-looking statements. Forward-looking
statements are not guarantees of future performance. Any forward-looking
statements are made as of the date hereof and Arapahoe does not undertake any
obligation, except as required under applicable law, to publicly update or
revise such statements to reflect new information, subsequent or otherwise.

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