Exile Resources Receives Formal Exploration Licence in Zambia and Provides Update on Operations

TORONTO, Feb. 23 /CNW/ - Exile Resources Inc. (TSX-V: ERI) ("Exile" or the "Company"), a junior oil and gas exploration and production company, today announced the Company has received the formal Exploration Licence for Block 26 in Zambia, and provided an update on all projects in Zambia, Turkey and Nigeria.

"Exile continues working towards first production with significant progress being made in all regions," said Mr. Tony Henshaw, President and CEO of Exile. "In Zambia, we have received the formal Exploration Licence for Block 26 and are encouraged by the country's continued efforts towards attracting foreign direct investment. In Turkey, we have been working together with our joint venture partners in assessing results of newly acquired 2D seismic data intended to further delineate the Ogunduk prospect and identify additional drilling locations. Thus far, results have been promising and the potential for future exploration in the area continues to impress. In Nigeria, the pipeline from the Akepo-1st well to onshore facilities is targeted to be completed by mid-year, providing a permanent production solution for the Akepo field."

Zambia, Block 26 - Early stage opportunity

Exile has received the official Exploration Licence for Block 26, located in northeast Zambia and continues work on early-stage analysis of the block.

Zambia is under-explored for oil and gas resources and Exile is positioned for early-stage involvement in the country's promising oil and gas sector.

Turkey, East Rubai Licenses - Further delineation of the Ogunduk prospect

Approximately 54 kilometres of 2D seismic data was acquired on Licences 2598 and 2599 over the Ogunduk prospect. The seismic data will help define a drilling location up-dip from the NE Ogunduk-1 well.

Originally drilled in 2009 and re-entered in October 2010, the NE Ogunduk-1 well is located on the Rubai Licences in an apparent flank position on a structure near the Syrian border. The well was subsequently tested and demonstrated the ability to produce between 30 and 50 barrels of heavy oil per day (15° API). The well has been temporarily suspended as Exile continues to review the results of the re-entry together with the newly acquired 2D seismic.

Offshore Nigeria, Niger Delta - Akepo Field Update

The development plan for the Akepo field consists of a permanent pipeline spanning approximately 15 kilometres from the Akepo-1st well, located in shallow water within the Akepo field, to onshore facilities. The pipeline has been delivered and is currently being concrete-coated before being laid to tie-in the Akepo-1st well.

The Akepo-1st well was tested and completed earlier this year. Once on-stream, the Akepo-1st well is targeted to produce between 2,500 and 3,000 gross barrels of crude oil per day. First production from the Akepo field is targeted for the second quarter of 2011.

About Exile Resources Inc.

Exile Resources Inc. is engaged in the acquisition, exploration and development of crude oil and natural gas properties in existing and underdeveloped basins. The Company aims to identify and acquire interests in additional properties with a greater emphasis placed on exploration. Exile utilizes strategic partnership and joint ventures in order to fully realize the production potential of any asset it acquires. With significant experience and track record of success in international operations, the Company is pursuing additional opportunities that are early on in the exploration and development value chain. Please visit Exile Resources web site for further information: www.exileresources.com.

Forward-Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Exile Resources Inc. including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of estimates, currency fluctuations, independent actions of its joint venture partners, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE Exile Resources Inc.

For further information:

Exile Resources Inc.     
Graham C. Warren, CFO    
Tel: (1) 416-362-5772     
Exile Resources Inc.
Tony Henshaw, President & CEO
Tel: (44) 20-7793-2592
The Equicom Group
Heidi Christensen Brown, Account Executive
Tel: (1) 403-218-2833

To receive news releases from Exile, please emailhchristensenbrown@equicomgroup.comand mention "Exile Resources" in the subject line.

Profil de l'entreprise

Exile Resources Inc.

Renseignements sur cet organisme


Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .


Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.


Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.