Verenex announces final flow test results at its first oil discovery in Libya



    CALGARY, April 25 /CNW/ - Verenex Energy Inc. ("Verenex" or the
"Company") (TSX - VNX) is pleased to announce final flow test results on its
first oil discovery well in Libya.

    A1-47/02 Oil Discovery Flows 12,500 Barrels of Oil per Day

    The Company has completed extended flow testing and analysis at its first
light sweet crude oil discovery well in Libya, A1-47/02 in Area 47 in the
Ghadames Basin, which was announced by the Company and the Libyan National Oil
Corporation ("NOC") as an oil discovery on February 6, 2007. At the time of
the announcement, only one flow test of 5,172 barrels of oil per day (gross)
through a 48/64ths inch choke had been completed on the first perforated
interval in the Lower Acacus Formation.
    Extended flow tests and pressure build-up analyses were ultimately
completed on three intervals in the Lower Acacus Formation. These tests
yielded a combined maximum measured flow rate, as restricted by test equipment
capability, of approximately 12,500 barrels of oil per day (gross) from
174 feet of perforations through choke sizes on particular intervals ranging
from 40/64ths to 128/64ths inch.

    The well has been suspended as a potential future oil production well.

    "We are very pleased with the results from the flow testing program at
the A1-47/02 well, confirming it as an outstanding oil well and providing
important reservoir parameters and fluid properties for resource assessments
and future development planning," said Jim McFarland, President and CEO of
Verenex Energy Inc. "A successful light sweet crude oil discovery on our first
well is an excellent result for Libya and a great start to our exploration
drilling program in Area 47. The initial success at A1-47/02 reinforces our
strategy to ramp-up to two drilling rigs in the third quarter and drill up to
six wells in 2007. Beyond 2007, we have considerable running-room for our
exploration and appraisal drilling program with more than 45 prospects and
leads identified to date in Area 47," he said.
    At the request of the NOC, rates were also measured through a smaller and
more restrictive choke size of 32/64ths inch for their normalization purposes.
These choke-restricted rates totalled 6,586 barrels of oil per day as
summarized in the following table:

    
    -------------------------------------------------------------------------
      Depth at
       Top of     Perforated   Restricted
    Perforations   Interval    Choke Size   Oil Rate    Gas Rate  Oil Gravity
       (feet)       (feet)      (inches)   (bbls/day)  (mmcf/day)   ((0)API)
    -------------------------------------------------------------------------
       9,980          82       32/64ths      2,640        3.58         47
    -------------------------------------------------------------------------
       9,363          25       36/64ths(1)   1,900        0.47         41
    -------------------------------------------------------------------------
       9,010          67       32/64ths      2,046        0.42         37
    -------------------------------------------------------------------------
    Notes: 1. No flow data available at 32/64ths inch choke size.
    

    Verenex is a Canada-based, international oil and gas exploration and
production company with a world-class exploration portfolio in the Ghadames
Basin in Libya and the Bay of Biscay offshore France. Verenex is the operator
and holds a 50% working interest in Area 47 in Libya. Under the EPSA terms for
Area 47, Verenex would receive an initial production allocation (free of all
taxes and royalties) of 6.85% in any commercial development scheme. A more
complete description of the Area 47 contract terms is included in the
Company's various filings on www.sedar.com.

    This press release contains forward-looking statements, including but not
limited to operational information, future exploration and development plans
and anticipated future production. These statements are based on current
expectations and are subject to a number of risks and uncertainties that could
materially affect the results. These risks include, but are not limited to:
financing risks; geological risks; drilling risks; risks associated with
obtaining regulatory approvals; oil and gas industry operational risks in
development, exploration and production; delays or changes in plans with
respect to exploration or development projects or capital expenditures; the
ability to attract and retain key personnel; the risk of commodity price and
foreign exchange rate fluctuations; the uncertainty associated with
negotiating with foreign governments; and the risk associated with
international activity. Due to the risks, uncertainties and assumptions
inherent in forward-looking statements, prospective investors in the company's
securities should not place undue reliance on these forward-looking
statements.

    %SEDAR: 00020996E




For further information:

For further information: Jim McFarland, President & CEO, Verenex Energy
Inc., Telephone: (403) 536-8009; or Ken Hillier, Chief Financial Officer,
Verenex Energy Inc., Telephone: (403) 536-8005

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VERENEX ENERGY INC.

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