Enterprise Oil Limited Plans to Repurchase Shares

Enterprise Oil Limited has filed with the TSX Venture Exchange a Notice of Intention to Make a Normal Course Issuer Bid which shall commence on October 23, 2006 and terminate on October 22, 2007 or the earlier of the date all shares which are subject to the Normal Course Issuer Bid are purchased.

The Board of Directors of Enterprise believes that the market price of the common shares of the Corporation does not accurately reflect the value of those shares. As a result, Enterprise's Common Shares may become available for purchase at prices which make them an appropriate use of funds of the Corporation.

The Corporation intends to attempt to acquire up to an aggregate of 1,267,185 of its Common Shares over the next 12-month period representing approximately 5% of its 25,343,700 issued and outstanding Common Shares.

Purchases subject to this Normal Course Issuer Bid will be carried out pursuant to open market transactions through the facilities of the Exchange. All Common Shares purchased by the Corporation under the Normal Course Issuer Bid will be cancelled.


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