Upper Lake Production Estimates Exceed Expectations

Upper Lake Oil and Gas estimates that its year-end exit production for 2007, based on field estimates, was approximately 820 barrels of oil equivalent per day (70% natural gas), exceeding the Company's year-end exit production guidance of 700 to 800 boe/d. In the fourth quarter, Upper Lake drilled two (1.48 net) wells, with a success rate of 100%, including a new pool discovery. The Company's current production, based on available field reports, is estimated at 1,000 boe/d, which includes flush production from the previously announced 15-04-43-28 w4 oil well in Ferrybank, Alberta and a gas well drilled in a newly discovered pool in the Ferrybank area.

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Brent Crude Oil : $48.6/BBL 1.12%
Light Crude Oil : $46.34/BBL 1.24%
Natural Gas : $2.9/MMBtu 2.35%
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