Verenex Spuds Second Area 47 Well in Libya

Verenex Energy Inc. said that the Company's second exploration well in Libya, B1-47/02 in Area 47, has commenced drilling. The well is expected to be drilled to a depth of approximately 11,400 feet and qualifies as the second of three minimum commitment wells under the Exploration and Production Sharing Contract for Area 47. Estimated time to drill and log the well is approximately 85 days.

Company has also commenced completion and production testing operations at its first exploration well in Libya, A1-47/02. Estimated time to complete the testing program is up to 70 days. The Company intends to release results at the conclusion of testing.

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.