October 16, 2002

News Release: Closes 13.4 Million Bought Deal

Tempest Energy Corp. announced the closing sale of 1,574,468 flow-through Class A shares at $4.70 per share and 1,500,000 Class A common shares at $4.00 per share for aggregate proceeds of $13.4 million pursuant to its previously announced 'bought deal'financing led by Griffiths McBurney and Partners and including Haywood Securities Inc. and Jennings Capital Inc. These shares will have a hold period of four months.

Tempest currently has a total of 14,731,333 Class A Shares and 653,476 Class B Shares outstanding.

Tempest is a public, Alberta-based oil and gas company engaged in the exploration for, and development and production of, oil and gas in western Canada.

CONTACT: TEL: (403) 262-2936 Tempest Energy Corp.

A. Scott Dawson, President & CEO

Internet: www.tempestenergy.com

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