Verenex confirms oil and gas discovery in Libya at G1-47/02 well

Verenex Energy Inc. ("Verenex" or the "Company") (TSX - VNX) is pleased to confirm an oil and gas discovery at G1-47/02 in Area 47 in the Ghadames Basin in Libya. This discovery is the Company's seventh in Block 2 in the southern part of Area 47 and is the ninth announced oil and gas discovery in Area 47 since drilling began in September 2006. The Libyan National Oil Corporation ("NOC") has also announced this discovery.

The G1-47/02 new field wildcat ("NFW") exploration well (well No. 14) is located approximately 6.5 kilometres northeast of the Company's nearest oil and gas discovery at D1-47/02 in Block 2 and was drilled and cased to a depth of 10,645 feet in the Memouniat Formation. The Company carried out extended flow tests on the G1 well from a total of 12 feet of perforations in a sandstone interval in the Lower Acacus Formation. The test yielded a maximum measured flow rate, as restricted by test equipment capability, of approximately 4,167 bopd (gross) of light sweet crude oil and 2.0 mmcf/day (gross) of natural gas through a 64/64ths inch choke size. Measured API gravity of the crude oil was 41 degrees.

At the request of the NOC, and consistent with earlier test protocols, the flow rate was also measured through the smaller more restrictive choke size of 32/64ths inch which yielded oil and gas flow rates of 1,739 bopd and 1.0 mmcf/day, respectively, as shown below.

G1-47/02 Flow Test Rates at 32/64ths Inch Choke Size

Depth Form- Perf- Restricted Oil Gas Flowing Oil
at ation orated Choke Rate Rate Wellhead Gravity
Top of Interval Size (bopd) (mmcf/ Pressure (degrees
Perfor- (feet) (inches) day) (psia) API)

8,312 Lower 12 32/64ths 1,739 1.0 676 41

To-date, nine NFW exploration wells and two appraisal wells have tested at a maximum aggregate rate of approximately 98,000 bopd and have been suspended as potential future oil and gas production wells.

The maximum measured flow test rate described above is not necessarily indicative of the ultimate production rate and may be lower in any commercial development, which will be determined from reservoir engineering studies that constitute part of the appraisal and development planning activities currently underway.

Verenex is a Canada-based, international oil and gas exploration and production company with a world-class exploration portfolio in the Ghadames Basin in Libya. Verenex is the operator and holds a 50% working interest in Area 47 in Libya. Under the EPSA terms for Area 47, Verenex would receive an initial production allocation (free of all taxes and royalties) of 6.85% in any commercial development scheme. A more complete description of the Area 47 contract terms is included in the Company's various filings on www.sedar.com.

This press release contains forward-looking statements, including but not limited to operational information and future exploration and development plans. These statements are based on current expectations and are subject to a number of risks and uncertainties that could materially affect the results. These risks include, but are not limited to: financing risks; geological risks; drilling risks; risks associated with obtaining regulatory approvals; oil and gas industry operational risks in development, exploration and production; the uncertainty of resource estimates; delays or changes in plans with respect to exploration or development projects or capital expenditures; the ability to attract and retain key personnel; the risk of commodity price and foreign exchange rate fluctuations; the uncertainty associated with negotiating with governments; and the risk associated with international activity. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the company's securities should not place undue reliance on these forward-looking statements.

SOURCE: Verenex Energy Inc.

Jim McFarland, President & CEO, Verenex Energy Inc., Telephone: (403) 536-8009;
or Ken Hillier, Chief Financial Officer, Verenex Energy Inc., Telephone: (403)
536-8005, www.verenexenergy.com

Copyright (C) 2008 CNW Group.

Jean-Louis Kayitenkore
Procurement Consultant
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