Heritage Oil files statement of reserves data



    /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
    SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

    CALGARY, March 30 /CNW/ - Heritage Oil Corporation (TSX: HOC) today filed
with the Canadian Securities Administrators its Annual Information Form
("AIF") which includes reserves data and other oil and gas information for the
year ended December 31, 2006 as mandated by National Instrument 51-101
Standards of Disclosure for Oil and Gas Activities. The reserves data was
assessed RPS Energy Canada Limited, trading as RPS Energy ("RPS Energy"), an
independent geoscience consultancy firm.
    RPS Energy estimated proved and probable reserves, net to Heritage, of
69.5 million barrels with a value of $253.6 million (forecast prices
discounted at 10%) at December 31, 2006. This value was 5% higher than at the
previous year-end on an ongoing basis which excludes disposals made during the
year.
    Copies of Heritage's AIF may be obtained on the SEDAR website at
www.sedar.com or by contacting Tony Buckingham or Paul Atherton at the numbers
set forth below.

    Heritage is an international oil and gas corporation with a diversified
portfolio of properties, including a producing property in the Sultanate of
Oman, a development property in Russia and exploration projects in the
Republic of Uganda and the Democratic Republic of Congo. The Company is also
pursuing opportunities in the Kurdistan region of Iraq and in other areas of
Iraq.

    The Company's Common Shares trade on the Toronto Stock Exchange under the
    symbol HOC.

    If you would prefer to receive press releases via email contact Ana
Augusta (ana@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 - 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; 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 the AIF and
elsewhere in Heritage documents filed from time-to-time with the Toronto Stock
Exchange 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: Investors Relations Contacts: CHF Investor
Relations, Cathy Hume, Tel (416) 868-1079 x231, Email cathy@chfir.com; Heather
Colpitts, Tel (416) 868-1079 x223, Email heather@chfir.com; Heritage Oil
Corporation, Contact Details: Tony Buckingham, Paul Atherton, Tel +41 91 973
1800, +44 870 011 5555, (403) 234-9974, Email: info@heritageoilcorp.com

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HERITAGE OIL CORPORATION

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