Genesis Finds Rig for 2008 Drilling Program

Genesis has, subject to contract, retained AGR Petroleum Services to undertake a complete well services project, including the provision of the Byford Dolphin drilling rig to drill the Company's first UK well commencing in the first quarter of 2008.

Speaking for Genesis, Michael Haagaard, Chief Operating Officer advised:

"We are delighted to have agreed price and availability with AGR Petroleum Services regarding the Byford Dolphin drilling rig for part of our 2008 UK North sea drilling program and anticipate finalizing other technical and commercial terms over the next few weeks."

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