Capital Budget for Upper Lake Revised to $10.2 Million for 2008

Upper Lake Oil and Gas Board of Directors have approved a preliminary 2008 capital program of between $9 and $12 million. That preliminary budget has been revised to a "cash flow" budget of $7 million plus the Canadian $3.2 million land acquisition from Crocotta Energy Inc. The 2008 capital program assumes the drilling of eight (5.78 net) wells, and is based on an average natural gas price of $6.00 per gigajoule at AECO and $80 WTI per barrel for oil and liquids. Any significant variations from these assumed commodity prices may result in decreased or increased activity by the Company and the budget is subject to adjustment as circumstances dictate. Upper Lake believes the wells selected for drilling in connection with the 2008 capital program are consistent with management's medium-risk philosophy.

Based on the Company's approved capital budget, average 2008 production is expected to be 1,000 boe/d, weighted approximately 70% to natural gas production.


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