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Verenex Confirms Oil Discovery at First Exploration Well in Libya

Source: www.gulfoilandgas.com 2/6/2007, Location: Africa

Verenex Energy Inc. provided additional information on interim production testing results at its first exploration well in Libya, A1-47/02 in Area 47 in the Ghadames Basin, and to confirm its status as an oil discovery. The LibyanNational Oil Corporation has announced the well to be the first discovery on exploration blocks awarded at the first international bid round in January 2005.

The Company has completed the testing of an 82-foot interval at the base of the Lower Acacus Formation, the primary exploration target in this well, at a depth of approximately 9,980 feet and has achieved significant oil rates.The well was initially flowed over a three hour period at rates up to 5,172 barrels of oil per day through a 3/4 inch choke at a wellhead pressure of 1,221 pounds per square inch. An associated gas rate of 6.7 million cubicfeet per day was also achieved during this test. The oil discovered in this interval is light sweet crude with a measured API gravity of approximately 46.5 degrees.

Testing is underway on up to three additional intervals in the Lower Acacus Formation. The Company anticipates that this testing program could extend into mid-March.

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