Granite Oil Corp. (TSX:GXO) announces that its Board of Directors has initiated a formal process to review potential strategic alternatives available to the Company in an effort to enhance shareholder value. The Board has appointed an independent committee to undertake a broad review of potential alternatives to enhance shareholder value. Such strategic alternatives may include, but are not limited to, a sale or merger of the Company or other form of business combination; a sale or joint venture involving all or a portion of the assets; a recapitalization of the Company or other form of strategic investment; or the purchase of assets. Cormark Securities Inc. and National Bank Financial Inc. have been engaged by the Special Committee as co-financial advisors in connection with the Process.