Quetzal Energy Inc. Files Restated Interim Financial Statements for the Period Ended March 31, 2008



    /NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES/

    TORONTO, Sept. 4 /CNW/ - Quetzal Energy Inc. ("Quetzal") announces that
it has restated its interim financial statements and related Management's
Discussion and Analysis documents for the three months ended March 31, 2008,
originally included in its final long form prospectus dated June 30, 2008. 
The restatement reflects the correction of an error in accounting for cash
restricted as security for a letter of credit in the amount of $197,500.
Accordingly Quetzal has restated certain balances previously reported in its
Balance Sheet and Statement of Cash Flows as follows:

    
    Balance Sheet                       As Restated   As Previously Reported
    -------------                       -----------   ----------------------
    Cash and cash equivalents            $2,092,551               $2,290,051
    Restricted cash                        $527,500                 $330,000

    Statement of Cash Flows
    -----------------------
    Investment in restricted cash         $(197,500)                       -
    Cash flows used in investment
     activities                         $(4,723,738)             $(4,526,238)
    

    About Quetzal Energy Inc.

    Quetzal is a junior oil and gas company with properties in Guatamala.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy and accuracy of this release.





For further information:

For further information: Steven Reynolds, Chief Executive Officer, at
Tel: (281) 932-7971, e-mail: sjreyno@swbell.net

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QUETZAL ENERGY INC.

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