Heritage Oil completes Mali farm-in documentation on two exploration licences and expects to spud Kingfisher-2 well in Uganda in Q2



    /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
    SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, SOUTH AFRICA,
    AUSTRALIA AND JAPAN/

    CALGARY, March 3 /CNW/ - Heritage Oil Corporation (TSX: HOC) is pleased
to announce that it has signed the previously announced farm-in documentation
on two onshore exploration licences in the Republic of Mali ("Mali"),
following the Government of Mali's approval of the transaction. The two
licences have a gross area of over 72,000 square kilometres and Heritage has
been appointed as the Operator.
    Under the terms of the transaction, Heritage has a right to earn a 75%
working interest in Block 7 and Block 11 from Mali Oil Development SARL, a
wholly owned subsidiary of the public company Centric Energy Corp (TSX.V:
CTE). In return for earning the working interests, Heritage will fund all
costs of the required work programs for the next two years on both blocks,
comprising the acquisition of 2D seismic and the drilling of one exploration
well, at a total estimated cost for the two licences of between US$15 million
and US$20 million. The acquisition of 2D seismic is expected to take place
later this year.
    Blocks 7 and 11 are located in the Gao Graben, a Mesozoic basin that
management considers to have geological similarities to other Mesozoic
interior-rift basins within North Africa, such as the Muglad Basin of Sudan
and the Doba Basin of Chad, and Tertiary basins such as the Albert Basin of
Uganda. Previous seismic data acquired on Blocks 7 and 11 show the presence of
tilted fault-block traps, and indicate a thickness of up to approximately 4 km
of sediments.

    Kingfisher-2 well, Block 3A, Uganda

    Heritage confirms that it expects to spud the high-impact Kingfisher-2
appraisal/exploration well in the second quarter of 2008. The operator of the
neighbouring Block 2 licence, Tullow Oil, has announced that it is releasing
the Nabors 221 drilling rig and preparations have begun to prepare to mobilise
the rig to the Kingfisher-2 site. The Kingfisher-2 well will appraise the
reservoir zones discovered by the Kingfisher-1 well, which was completed in
2007 and tested approximately 13,900 bopd. These productive zones were
secondary objectives, since the primary, deeper target was not reached for
reasons related to rig performance. The Kingfisher-2 well will be drilled
using the more capable Nabors 221 rig, and in addition to appraising the
previous discoveries will explore the original, deeper primary objective.

    
    Note to Editors:

    -  Heritage is an international oil and gas corporation with a
       diversified portfolio of properties, including producing properties in
       Oman and Russia and exploration projects in Uganda, the Democratic
       Republic of Congo, the Kurdistan Region of Iraq, Mali, Pakistan and
       Malta.

    -  Heritage announced on February 22, 2008 that it is seeking to
       implement a corporate reorganization which will result in a newly
       incorporated company, Heritage Oil Limited ("Heritage Jersey"),
       becoming the parent company of Heritage. In connection with the
       reorganization, Heritage Jersey will be seeking to list its ordinary
       shares on the Official List of the United Kingdom Listing Authority
       and to trading on the Main Market of the London Stock Exchange plc.
       Heritage intends to delist its existing Common Shares from the Toronto
       Stock Exchange (the "TSX") and obtain a listing for a new class of
       exchangeable shares on the TSX. JPMorgan Cazenove Limited has been
       appointed to advise Heritage on the reorganization and to act as
       Heritage Jersey's sponsor in connection with Admission.

    -  For further information please refer to our website at
       www.heritageoilcorp.com.

    -  This press release is not for distribution to United States Newswire
       Services or for dissemination in the United States, South Africa,
       Australia and Japan.

    -  If you would prefer to receive press releases via email please contact
       Abigail Valencia (abigail@chfir.com) and specify "Heritage press
       releases" in the subject line.
    

    FORWARD-LOOKING STATEMENTS:

    Except for statements of historical fact, all statements in this news
release - including, without limitation, statements regarding production
estimates and future plans and objectives of Heritage as well as statements
about the proposed Arrangement, including the timing, implementation or
completion of the Arrangement and Admission - are forward-looking statements
that involve various risks and uncertainties. There can be no assurance that
such statements will prove to be accurate; actual results and future events
could differ materially from those anticipated in such statements. Factors
that could cause actual results to differ materially from anticipated results
include risks and uncertainties such as: risks relating to estimates of
reserves and recoveries; risks relating to the completion of the Arrangement
on its proposed terms, in the time frame proposed or at all; production and
operating cost assumptions; development risks and costs; the risk of commodity
price fluctuations; political and regulatory risks; and other risks and
uncertainties as disclosed under the heading "Risk Factors" in its AIF and
elsewhere in Heritage documents filed from time-to-time with the TSX and other
regulatory authorities. Further, any forward-looking statement is made only as
of a certain date and the Company undertakes no obligation to update any
forward-looking statement or statements to reflect events or circumstances
after the date on which such statement is made or reflect the occurrence of
unanticipated events, except as may be required by applicable securities laws.
New factors emerge from time to time, and it is not possible for management of
the Company to predict all of these factors and to assess in advance the
impact of each such factor on the Company's business or the extent to which
any factor, or combination of factors, may cause actual results to differ
materially from those contained in any forward-looking statement.

    %SEDAR: 00010129E




For further information:

For further information: Investor Relations/PR - Europe: Bell Pottinger
Corporate & Financial, Ann-marie Wilkinson, Nick Lambert, Tel: +44 (0) 20 7861
3232, Email: AMWilkinson@bell-pottinger.co.uk, NLambert@bell-pottinger.co.uk;
Canada: CHF Investor Relations, Cathy Hume, Lindsay Carpenter, (416) 868-1079
x231, x239, cathy@chfir.com, lindsay@chfir.com; Heritage Oil Corporation: Tony
Buckingham, Paul Atherton, Tel: +41 91 973 1800, +44 870 011 5555, (403)
234-9974, Email: info@heritageoilcorp.com

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