verenex energy announces operating results in libya

Verenex Energy Announces Operating Results in Libya

05-13-2008

Verenex Energy Inc. issues a report for its unaudited interim operating and financial results for the three months ended March 31, 2008. Verenex is a Canada-based international exploration and production company with a world-class exploration portfolio in the Ghadames Basin in Libya.

- Drilled and cased two appraisal wells (D2 and A3-47/02) and one new field wildcat ("NFW") exploration well (A1-47/04) over the January to April, 2008 period, increasing the total number of drilled wells to ten. Two additional wells (A4-47/02 and B1-47/04) were spudded in April.

- Completed the testing of the E1, D2 and A3-47/02 wells over the January to April, 2008 period, increasing the total number of tested wells to nine.

- Seven wells (six exploration wells and one appraisal well) have tested at an aggregate rate of 83,000 barrels of oil per day ("bopd") and have been suspended as potential future oil production wells.

- Two other appraisal wells (D2 and A3-47/02) intersected water oil contacts, as intended, to delineate the D1 and A1 oil discoveries but tested only very small amounts of oil from thin oil pay intervals above the water oil contacts. Although these test results are not necessarily indicative of rates that might be achievable under pumping conditions, the wells were nevertheless temporarily abandoned as potential future water injection wells.