Verenex Energy Inc. - France - Orca 1 drilling update



    CALGARY, Sept. 25 /CNW/ - Verenex Energy Inc. ("Verenex") (TSX - VNX) and
its joint venture participants, Vermilion Energy Trust ("Vermilion") and
Bordeaux Energy Inc., announce an operational update on the drilling of the
Orca 1 exploration well on the Aquitaine Maritime Permit in the Bay of Biscay,
offshore France.
    The well encountered a sealing element and the target Aptian formation as
was indicated on seismic, however, preliminary evaluations of mud log data,
logging while drilling data and an analysis of well cuttings do not indicate
the presence of hydrocarbons in this primary objective. Vermilion will
continue to drill for an expected 48 hours towards a possible secondary
target. A full suite of wireline logs will be run to confirm these findings
after which the well will be abandoned. Evaluation of the data gathered from
this well, together with further seismic evaluation should provide a better
understanding of any potential of the remaining structures on the Aquitaine
Maritime Permit offshore France.

    Vermilion Exploration SAS ("VEX"), a wholly owned subsidiary of Verenex,
holds a 22.5% interest in the Aquitaine Maritime permit. VEX was carried on
its share of drilling costs (up to a maximum of US $17 million (net)) for the
first exploratory well on the Permit. VEX's capital exposure is estimated to
be approximately Cdn. $5.2 million, based on an expected gross well cost of
US $55 million.

    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.

    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, www.verenexenergy.com

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VERENEX ENERGY INC.

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