Heritage Oil reports third quarter 2007 results and operational update



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

    Heritage Oil Corporation ("Heritage" or the "Company")

    CALGARY, Nov. 14 /CNW/ - Heritage Oil Corporation (TSX: HOC) the
Canadian-based independent international oil and gas exploration, development
and production company, announces its results for the three and nine-month
periods ended September 30, 2007. Heritage's consolidated financial statements
and Management's Discussion and Analysis for the three and nine-month periods
ended September 30, 2007, have been filed and are available on SEDAR at
www.sedar.com and can also be viewed on the Company's website at
www.heritageoilcorp.com. All figures are in U.S. dollars unless otherwise
noted.

    Corporate Highlights

    Heritage Oil continued to make significant progress in the third quarter
of 2007. In the last three months Heritage has completed seismic operations on
Block 3A and continued its seismic program in Block 1 Uganda. It has also
continued with the drilling program in West Siberia and secured a Production
Sharing Contract and a refinery agreement with the Kurdistan Regional
Government (KRG) in Iraq. Subsequent to the period-end, Heritage raised gross
proceeds of CAD $181.5 million, by an equity offering of 3,000,000 Common
Shares, priced at CAD $60.50 per share. JPMorgan Cazenove Limited acted as
sole global co-ordinator and joint bookrunner and joint placing agent.
Canaccord Capital Corporation acted as joint bookrunner and joint placing
agent. Funds from this offering will support accelerated drilling programs in
Uganda and a planned high-impact exploration program in the Kurdistan Region
of Iraq. Net proceeds to the Company from the issue, when combined with
existing cash and cash equivalents will total approximately US $230 million.
    Heritage's operating and financial highlights for the three and
nine-month periods ended September 30, 2007, include the following:

    
    -   In Uganda, initial interpretation of the 3D seismic acquired over the
        Kingfisher and Pelican structures in Block 3A indicates these targets
        to be large, at approximately 70 and 40 square km respectively, and
        structurally uncomplicated. A number of appraisal drilling targets
        have been established for the Kingfisher structure and work should
        commence in the first quarter of 2008 with the drilling of
        Kingfisher-2. A more powerful rig, the Nabors 221, will be mobilised
        to the Kingfisher-2 site after completing a well in the neighbouring
        license. The new rig has the capability to reach the primary target
        horizon on the Kingfisher structure. The Kingfisher-1 well tested
        13,900 bopd from shallower zones in the first quarter of this year.

    -   Preparation has begun for a two or three well drilling program on
        Block 1 in Uganda, which is expected to commence in the first half of
        2008.

    -   Heritage's projects in the Kurdistan Region of Iraq have significant
        potential. A major achievement for Heritage is the signing of a
        Production Sharing Contract with the KRG over the Miran Block in the
        southern region of the Kurdistan Region of Iraq on October 2, 2007.
        The Miran Block has reservoir potential in numerous zones and could
        contain in excess of 1 billion barrels of oil. Under the terms of a
        Refinery Agreement, also signed on October 2, 2007, Heritage will
        operate as a 50/50 partner with the KRG to create a 20,000 bpd oil
        refinery in the vicinity of the license area. Through these
        agreements Heritage has established a significant presence in oil
        exploration and development in the Kurdistan Region of Iraq.

    -   The two licenses in the Democratic Republic of Congo (DRC) when
        combined with Heritage's two licenses in Uganda cover a gross acreage
        in the Albert Basin of over 12,000 sq km. An exploration program in
        the DRC will commence following receipt of a Presidential Decree.

    -   Production from the Zapadno Chumpasskoye field, Russia should
        continue to increase as two recently drilled wells are brought
        on-stream in the fourth quarter. A third well is expected to commence
        drilling later this month and take approximately two months to
        complete. This appraisal/exploration well will fulfil the required
        drilling program commitment under the license.

    -   Development of the West Bukha field in Block 8, Oman continues to
        advance since the drilling of the highly successful appraisal well,
        West Bukha-2, last year. Production from West Bukha is expected to
        commence in the summer of 2008.

    Prospects and Horizons

    -   Heritage is looking to develop other licenses and is pursuing a
        number of opportunities in Africa, the Mediterranean, the Indian
        sub-continent, the Middle East and Russia. Heritage intends to
        continue to focus on finding and discovering high-impact oil plays
        similar to its discoveries of the M'Boundi oil field in the Republic
        of Congo and in the Lake Albert Basin in Uganda.

       If you would prefer to receive press releases via email contact
       Sarah Gingerich (sarah@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 its 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: 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, (416) 868-1079 x231,
cathy@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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HERITAGE OIL CORPORATION

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