Eugene Island A-8 Well Spudded, A-7 Well Put On-Stream

Leed Petroleum has announced that the Eugene Island A-8 well was spudded on October 6, 2008.

The A8 well will target a superior "take-point" from the exploration target discovered by, and currently producing through, the A-6 well and will also test one exploratory zone. The A-8 well is expected to reach total depth in the first quarter of 2009 and results will be announced in due course.

The Company is also pleased to confirm that further to the announcement made on October 6, 2008, the Eugene Island A-7 well has commenced commercial production.

The Eugene Island Blocks are located 50 miles offshore, south of Morgan City, Louisiana in the Gulf of Mexico in approximately 80 feet of water. Leed's management has built an inventory of development projects and exploration targets across the Eugene Island Block 183/184 Field.

Howard Wilson, President and Chief Executive of Leed, commented, "Spudding of the A-8 well reflects the success to date of the Eugene Island drilling program. This well will develop and expand on reserves encountered in the A-6 well and will also test one exploratory objective. Production rates from the A-7 well are substantial and we expect this to make a significant contribution to Leed's future financial performance."

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