Richards Oil & Gas Limited Reports its 2007 Year End Reserves



    CALGARY, March 28 /CNW/ - Richards Oil & Gas Limited (the "Company"),
(TSX Venture: RIX) announces that the Company's proved plus probable reserves
as at December 31, 2007 were evaluated at 1,804 Mboe (thousand barrels of oil
equivalent).

    
    Highlights of the Company's 2007 reserves report include:

    -   Increased unconventional Coalbed Methane ("CBM") proved plus probable
        reserves by 25% to 10.6 bcf (1,765 Mboe).
    -   Increased total proved reserves by 18% to 7 bcf (1,160.6 Mboe).
    -   Increased total proved plus probable reserves by 12% to 10.8 bcf
        (1,804.7 Mboe).
    -   Reserve life index for proved and probable reserves increased to
        21 years.

    Reserve information in this news release is from an independent reserves
evaluation report prepared by Sproule Associates Ltd. that was dated
March 19, 2008, with an effective date of December 31, 2007. The report was
prepared in accordance with the COGE Handbook and National Instrument 51-101
Standards of Disclosure for Oil and Gas Activities. Complete NI 51-101
reserves disclosure is included in the Company's 51-101 filings which have
been filed on SEDAR.


             RESERVE SUMMARY, FORECAST PRICES AS OF DEC. 31, 2007

                                 Company
                                   gross
                               remaining
                                reserves  Company share of net present values
                                     MBO     before income tax ($ millions)
                                  (sales)            discounted at

                                               0%       5%      10%      20%

    Proved Developed producing     300.5      6.2      5.3      4.7      3.9
    Developed non-producing        101.2      1.2      0.9      0.7      0.4
    Undeveloped                    758.9      4.2      2.1      0.5     (1.3)
    Total proved reserves        1,160.6     11.6      8.3      5.9      3.0
    Probable reserves              644.1      8.1      4.9      3.0      1.0
    Total proved plus probable
     reserves                    1,804.7     19.7     13.2      8.9      4.0


    Sproule Associates Ltd. - December 31, 2007 - Forecast Pricing:

                             Edmonton
                            par Price      Alberta
               WTI Crude    40 degree       AECO-C    Inflation     Exchange
    Forecast         Oil          API         Spot         Rate         Rate
    Year        ($US/Bbl)    ($CA/Bbl)  ($CA/MMBtu)          (%)    ($US/$CA)
    -------------------------------------------------------------------------
    2008           89.61        88.17         6.51          2.0        1.000
    2009           86.01        84.54         7.22          2.0        1.000
    2010           84.65        83.16         7.69          2.0        1.000
    2011           82.77        81.26         7.70          2.0        1.000
    2012           82.26        80.73         7.61          2.0        1.000
    -------------------------------------------------------------------------
                     Various Escalation Rates Thereafter
    -------------------------------------------------------------------------
    

    This evaluation does not include the CBM resource potential of the
Company's Ardley property which as at December 31, 2007 covers 19,410 net
acres of earned and optioned lands.
    The Company continues to execute its strategy of increasing both proven
reserves and production from a stable long life unconventional CBM asset base.
For 2008, regarding Horseshoe Canyon CBM development, the Company has five
(3.0 net) standing wells from 2007 activity, has drilled six (5.6 net) wells
in Q1 2008, plans to drill an additional five (5.0 net) net wells and expects
to tie-in all 16 wells at its Thorsby property.

    Richards Oil & Gas Limited (www.richardsoilandgas.com) is a Calgary-based
exploration company, involved in the development of natural gas and crude oil,
with an emphasis on the exploitation of coal bed methane.

    ADVISORIES

    BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.

    Statements in this news release contain forward-looking information
including expectations of future production, procurement of drilling permits,
plans for and results of exploration and development activities and other
operational developments. The reader is cautioned that assumptions used in the
preparation of such information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those
predicted, as a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of the Company. These
risks include, but are not limited to; the risks associated with the oil and
gas industry, commodity prices, and exchange rate changes. Industry related
risks include, but are not limited to; operational risks in exploration,
development and production, availability of skilled personnel and services,
failure to obtain industry partner, regulatory and other third party consents
and approvals, delays or changes in plans, risks associated with the
uncertainty of reserve estimates, health and safety risks and the uncertainty
of estimates and projections of reserves, production, costs and expenses. The
reader is cautioned not to place undue reliance on this forward-looking
information. The forward-looking statements contained herein are subject to
change. Except as required by applicable securities laws, the Company assumes
no obligation to update or revise any forward-looking statements should
circumstances or management's opinions or estimates change.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release.
    %SEDAR: 00021365E




For further information:

For further information: Brad Turner, President & CEO, Richards Oil &
Gas Limited, Tel: (403) 265-8444, E-Mail: bturner@richardsoilandgas.com; Lonn
Bate, CFO, Richards Oil & Gas Limited, Tel: (403) 265-8444, E-Mail:
lbate@richardsoilandgas.com

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