Abstract: A ventilation device for manually ventilating a patient having an inspiratory tube connected between a source of breathing gas and a patient adaptor and an expiratory tube connected between the patient adaptor and a two-way exhaust valve. The exhaust valve includes two flow paths each having a normally closed overpressure valve therein and an outlet communicating to atmosphere. The valves are adjusted respectively for positive peak inhalation pressure and positive end expiration pressure. The outlet adjacent the valve biased for positive end expiratory pressure is occludible to initiate the insufflation phase and regulate the peak inspiratory pressure.