Verenex Completes Drilling on Libyan Well

Verenex Energy Inc. said that its first exploration well in Libya, A1-47/02 in Contract Area 47, has reached total depth of 11,550 feet and has been cased to bottom after finding indications of oil and gas in the Lower Acacus and Memouniat Formations. The well is currently suspended and will be flow tested in late January 2007 with a service rig under long-term contract to the Company. Until producibility is confirmed by this flow testing, well results are considered preliminary.

As announced on November 30, 2006, the A1-47/02 well found indications of multiple oil-bearing sandstone reservoirs within the Lower Acacus Formation, which extends over the interval from 9,010 to 10,062 feet, as confirmed by shows while drilling and extensive wireline log data. Based on these results, 9 5/8 inch intermediate casing was set at 10,300 feet.

The well was then drilled to the Ordovician, which was found at a depth of approximately 11,331 feet. A 60-foot core was cut in a sandstone interval at the top of the Memouniat Formation prior to drilling to a total depth of 11,550 feet. Based on gas and oil shows while drilling and following formation evaluation of the wireline log data, the decision was made to run a 7 inch liner from 10,163 feet to total depth in order to keep open the option to flow test this interval in the future.

The drilling rig at the A1-47/02 location is currently being rigged-down and moved to the Company's second exploration well location B1-47/02 approximately 18 kilometers to the northeast in Area 47. This location has been approved by Libya's National Oil Corporation as the second of three minimum commitment wells under the Exploration and Production Sharing Agreement for Area 47.

Verenex is a Canada-based, international oil and gas exploration and production company with a world-class exploration portfolio in Libya and the Bay of Biscay offshore France.