Verenex Invests $15.7 Million in Libyan Operations During Q1

During the first quarter of 2008, Verenex Energy invested approximately $15.7 million. Libya accounted for essentially all of the investment activity level with approximately $9.5 million in drilling, $1.8 million in testing and completions, $2.7 million in geological and geophysical costs and $1.7 million in capitalized General and Administration ("G&A") and office costs.