AAO Augusta Industries (delisted)

Arapahoe Energy Corporation (the "Corporation") (TSX VENTURE:AAO) is pleased to
announce that at the Special Meeting of Shareholders held on December 28, 2007
it received disinterested shareholder approval for its previously announced
non-brokered private placement financing (the "Offering") and shareholder
approval for the name change of the Corporation to Canadian Phoenix Resources
Corp. (the "Name Change"). The Corporation is also pleased to announce that it
has completed the Offering for aggregate gross proceeds of $17,888,951.


Pursuant to the Offering, the Corporation issued 102,200,000 common shares of
the Corporation ("Common Shares") issued on a "flow-through" basis under the
Income Tax Act (Canada) ("Flow-Through Shares") at the price of $0.125 per
Flow-Through Share for gross proceeds of $12,775,001 (the "Flow-Through Private
Placement"). The proceeds of the Flow-Through Private Placement will be used by
the Corporation to incur Qualifying Expenditures, which will be renounced in
favour of purchasers for the 2007 taxation year. It is anticipated that the
proceeds will be used primarily for seismic programs and other exploratory
activities on the Corporation's properties including Sarcee and Campbell, and on
certain properties on which the Corporation has presently or may acquire farm-in
rights.


Pursuant to the Offering, the Corporation also issued 40,911,600 units of the
Corporation ("Units") at the price of $0.125 per Unit for gross proceeds of
$5,113,950 (the "Unit Private Placement"). Each Unit consists of one Common
Share and one Common Share purchase warrant ("Warrant"). Each Warrant will
entitle the holder thereof to purchase one Common Share during the period
expiring on the first anniversary of the completion of the Private Placement
upon payment of the exercise price of $0.20 per Common Share. The proceeds of
the Unit Private Placement will be used by the Corporation to develop its oil
and natural gas projects, to conduct acquisitions and for general working
capital purposes.


The securities issued pursuant to the Offering are subject to a restriction
period expiring April 29, 2008. Following the completion of the Offering, the
Corporation has 199,917,032 Common Shares issued and outstanding. The completion
of the Offering is subject to regulatory approval.


The Corporation plans on effecting the Name Change to Canadian Phoenix Resources
Corp. by the middle of January 2008.


Arapahoe Energy Corporation is a publicly traded junior oil and gas exploration,
development and production company with operations in Western Canada. Arapahoe
is pursuing a corporate strategy of being a consolidator of undervalued oil and
gas assets located in the Western Canadian Sedimentary Basin. Arapahoe's shares
trade on the TSX Venture Exchange under the symbol "AAO". After the Name Change,
the shares of the Corporation will trade on the TSX Venture Exchange under the
symbol "CPH".


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 Canadian Phoenix 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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