Wildcat Exploration Granted Management Cease Trade Order

TSX-V Trade Symbol: WEL

WINNIPEG, May 1 /CNW/ - Wildcat Exploration Ltd. (the "Company") announced that, at its request, The Manitoba Securities Commission has today granted a management cease trade order ("MCTO"). The MCTO was granted because the Company will not be in a position to file its 2006 audited financial statements by the April 30, 2007 deadline, and will preclude the issuance by the securities regulatory authorities of a full issuer cease trade order as long as the Company complies with the conditions of the MCTO.

The Notice of Default issued in accordance with CSA Staff Notice 57-301, Failing to File Financial Statements on Time - Management Cease Trade Orders, Appendix A is reprinted in its entirety in this news release.

As a consequence of the MCTO, the directors, officers and insiders of the Company, and certain other specified persons and companies, will not be permitted to trade in the securities of the Company until the 2006 audited financial statements have been filed and the MCTO has been removed.

                             Appendix A

                          NOTICE OF DEFAULT

                       CSA Staff Notice 57-301

Failing to File Financial Statements on Time - Management Cease Trade
                               Orders

Wildcat Exploration Ltd. (the "Issuer")

1.  The Issuer is not able to file its audited financial statements for
    the year ending December 31, 2006 by the filing deadline of April 30,
    2007.

2.  The reasons for the default are as follows:

    PriceWaterhouse Coopers LLP had been engaged as the auditors of the
    Issuer in or about December, 2005. Prior to his termination, the
    President and CEO of the Issuer sought the resignation of
    PriceWaterhouse Coopers LLP and engaged the firm of Danziger &
    Hochman as auditors of the Issuer without the knowledge of the other
    members of the board of directors of the Issuer. One of the
    principals of Danziger & Hochman is a director of a corporation that
    is a significant shareholder of the Issuer. Accordingly, subsequent
    to the termination of the President and CEO, the Board of the Issuer
    sought to reconfirm the appointment of PriceWaterhouse Coopers LLP as
    the auditors of the Issuer. However, PriceWaterhouse Coopers LLP
    formally resigned as auditors of the Issuer on February 7, 2007. The
    board of directors of the Issuer appointed BDO Dunwoody LLP as
    auditors of the Issuer on or about March 9, 2007. However, BDO
    Dunwoody LLP advised the Issuer that they were not able to begin the
    audit for purposes of preparing the 2006 audited financial statements
    until early May, 2007. The Issuer was not able to engage other
    auditors who would be in a position to complete the audit in
    sufficient time to enable the Issuer to file its 2006 audited
    financial statements by April 30, 2007.

    A special meeting of shareholders of the Issuer was requisitioned by
    a group of shareholders (the "Dissidents"), including the recently
    dismissed president and CEO of the Issuer, and was called by
    management of the Issuer. The special meeting was to be held on
    April 12, 2007 for the purpose, inter alia, of removing from office
    all of the directors of the Issuer, electing a new board of
    directors, and appointing BDO Dunwoody LLP as the auditors of the
    Issuer. A dissident proxy circular was then disseminated by the
    Dissidents for the purpose, inter alia, of electing a different board
    of directors than the board proposed by management. Pursuant to an
    order of the Court of Queen's Bench dated April 11, 2007, the special
    meeting was adjourned until April 26, 2007.

    On April 20, 2007, the Executive Committee of the Issuer passed a
    resolution directing all directors, officers and insiders of the
    Issuer, and their affiliates and associates, to refrain from trading
    in the securities of the Issuer until the Issuer's audited financial
    statements for the year ended December 31, 2006 are filed with the
    applicable securities regulatory authorities.

    The special meeting was held on April 26, 2007. At the special
    meeting, all of the directors of the Issuer were removed and the
    slate of nominees proposed by management was elected.

3.  The Issuer expects to file the 2006 audited financial statements by
    May 30, 2007.

4.  The date that is two months after the filing deadline is June 30,
    2007 and the securities commissions or regulators may impose an
    issuer cease trade order if the 2006 audited financial statements are
    not filed by that time. The Issuer accepts that an issuer cease trade
    order may be imposed sooner if the Issuer fails to file its Default
    Status Reports on time.

5.  The Issuer intends to satisfy the provisions of Appendix B to CSA
    Staff Notice 57-301 Failing to File Financial Statements on Time -
    Management Cease Trade Orders as long as the Issuer remains in
    default of the financial statement filing requirement.

6.  There are no insolvency proceedings against the Issuer.

7.  There is no other material information concerning the affairs of the
    Issuer that has not been generally disclosed.

About Wildcat Exploration Ltd.

Wildcat is a Winnipeg-based mineral exploration company actively exploring for gold and base metals in Canada. For further information on the company please visit our website at www.wildcat.ca or contact us at info@wildcat.ca.

The TSX Venture Exchange has not reviewed and does not accept

responsibility for the adequacy or accuracy of this press release.

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