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



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

    C1-47/02 Flow Testing

    On October 25, 2007, the Libyan National Oil Corporation ("NOC")
officially announced that the Company's third new field wildcat exploration
well C1-47/02 is an oil discovery. The Company carried out extended flow tests
from a total of 188 feet of perforations in four intervals in the Lower Acacus
Formation at depths between 8,447 and 9,434 feet and one interval in the
Aouinet Ouenine Formation at a depth of 5,890 feet. At the request of the NOC,
flow rates were measured through a small, restrictive choke size of 32/64ths
inch for their normalization purposes. These choke-restricted rates totalled
8,718 barrels of oil per day ("bopd") (gross) from the five intervals tested.
Measured API gravity of the crude oil ranged from 40 to 44 degrees.

    
    C1-47/02 Flow Test Rates at 32/64ths Inch Choke Size

    -------------------------------------------------------------------------
    Depth at Top Perforated Restricted Oil Rate   Gas Rate   Flowing    Oil
         of       Interval    Choke   (bbls/day) (mmcf/day) Wellhead  Gravity
    Perforations   (feet)      Size                         Pressure (degrees
      (feet)                 (inches)                         (psia)    API)
    -------------------------------------------------------------------------
       9,434          38      32/64ths    1,968       1.33      860      41
    -------------------------------------------------------------------------
       9,197          47      32/64ths    2,574       1.46      998      40
    -------------------------------------------------------------------------
       9,049          51      32/64ths    1,643       0.76      682      40
    -------------------------------------------------------------------------
       8,447          24      32/64ths    1,891       0.59      589      43
    -------------------------------------------------------------------------
       5,890          28      32/64ths     642        0.10      140      44
    -------------------------------------------------------------------------
    

    The Company also measured rates at larger choke sizes. These tests
yielded a combined maximum measured flow rate, as restricted by test equipment
capability, of approximately 23,570 bopd (gross) through choke sizes on
particular intervals ranging from 32/64ths to 96/64ths inch.
    "C1-47/02 is another outstanding well and our third straight high
producibility, light sweet crude oil discovery in Area 47", said
Jim McFarland, President and CEO of Verenex Energy Inc. "Two additional
exploration wells have been drilled and cased and flow testing should be
completed in November", he said.
    The well has been suspended as a potential future oil production well.
    The maximum combined measured flow test rates described above are not
necessarily indicative of the ultimate production rate and may be lower in any
commercial development, which will be determined from reservoir engineering
studies that constitute part of the appraisal and development planning
activities currently underway.

    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 pre-payout 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.

    /NOTE TO PHOTO EDITORS: A photo accompanying this release is available on
    the CNW Photo Network and archived at http://photos.newswire.ca.
    Additional archived images are also available on the CNW Photo Archive
    website at http://photos.newswire.ca. Images are free to accredited
    members of the media/

    %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, www.verenexenergy.com

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VERENEX ENERGY INC.

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