Island Oil & Gas Reorganizes Board of Directors

Island Oil & Gas says that it is in the process of reorganizing its Board of Directors to reflect its position as a successful operator offshore Ireland. The first phase of the reorganization will see the appointment of Commercial Manager, Karl Noel Stephen Prenderville to the position of Commercial Director, responsible for commercial activities including gas sales, financial planning, economics, taxation and investment and banking, with effect from 23 August 2007.

Karl, age 46, an Irish National, has over 25 years experience in the oil and gas industry in a number of senior commercial, financial and management roles. He is a qualified accountant (Institute of Financial Accountants). Karl has a wide-ranging knowledge of the oil and gas industry and an extensive contact base both within Ireland and internationally. He has considerable commercial and financial experience in areas such as government negotiations, financial and business services management, economics and project cost control.

Karl's career started in 1981 as an Operations Accountant for Sovereign Oil & Gas mainly working on North Sea operations. In 1986 Karl joined Enterprise Oil, where he spent 16 years on exploration and development projects in Ireland, UK, Indonesia, Cambodia, Vietnam and the Seychelles.

From 1997 to 2002, Karl was Business Services Manager and subsequently Finance Director of Enterprise Energy Ireland Ltd where he was responsible for establishing the company's headquarters in Dublin and managing its growth, following the Corrib Gas Field discovery, from a small exploration office in 1997 to an organization of around 120 staff.

Karl was a Director of Enterprise Energy Ireland from 2000 to 2002. He was also a Director of Enterprise Energy Services Limited and Enterprise Energy Ireland Offshore Inc. from 2001 to 2002. He is currently a Director of K & B Productions Ltd of Ireland.

Karl replaces Philip Beck, New Ventures Director, as an Executive Board Director. Phil is standing down from the Board with effect from 23 August 2007 to dedicate time to other ventures.

Island is actively seeking additional Executive and Non-Executive Directors to further strengthen the Company's Board.

Paul Griffiths, Chief Executive of Island, commented:

"This Board reorganization is the beginning of an effort to build upon the existing strengths of the Company's Board and we will be making further appointments in due course in reflection of the Company's status as an accomplished operator with four successfully operated Celtic Sea wells to date. We are delighted to welcome Karl Prenderville to the Board of Island. Karl has been with Island since 2006 and has made a major contribution to the Company. I would also like to thank Phil Beck whose knowledge and experience gained over 35 years in the industry has made a major contribution helping to transform Island from its formative days as a private company into a publicly listed operator. We wish him every success in the future."