Texola: Chinchaga to Spud by Mid-December

Texola Energy Corp. said that drilling on the Chinchaga well (8-24-95-8W6) in Northern Alberta will commence by December 15, 2006, and will take approximately 18 days to reach final depth. Texola owns a 10% interest in Suncor Energy's Chinchaga prospect. Eden Energy Corp. holds a 50% position and Suncor retains a 12.5% gross overriding royalty.

The parties have also identified the drill locations for their second and third wells, both of which are expected to be drilled before spring break up 2007. In addition, the operator of the prospect is proceeding to survey the pipeline location for future tie in of the wells.

Texola is an emerging, growth oil and gas exploration company focused on providing exceptional shareholder value and appreciation by finding, exploring and developing large-scale, early stage oil and gas projects in North America. To achieve this goal, the company has recently undertaken various exploration initiatives, one of which is an early stage exploration prospect in Nevada. The second is located in Northern Alberta, Canada. Both of these projects offer the company the potential to exploit and develop large, world-class reservoirs.

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