Raven Won't Fly for ProspEx

ProspEx Resources Ltd.

ProspEx Resources Ltd. on Wednesday issued an update of drilling results at the Company's 5-4-36-4W5 "Raven" Swan Hills exploration well.

The 5-4 well has been drilled to the planned total depth and evaluated with wireline logs. The Swan Hills formation, the primary objective of the well, was encountered but a commercial reservoir was not present. Therefore, this section of the well will be abandoned. A prospective Cretaceous target has been identified in the shallower portion of the wellbore, which will be evaluated further with cased hole logs.

ProspEx has a 40% interest in the capital expenditures relating to the drilling of the 5-4 well.

The 5-4 well location is located approximately 10 kilometers northeast of the Caroline Swan Hills "A" Pool. The well had targeted a large prospect in the Swan Hills formation at a vertical depth of approximately 3,500 meters.

ProspEx Resources Ltd. is a Calgary-based junior oil and gas company focused on exploration for natural gas in the Western Canadian Sedimentary Basin.