Heritage Oil terminates third party discussions

    TORONTO, Sept. 30 /CNW/ - Heritage Oil Limited, an independent upstream
exploration and production company, announces that preliminary discussions
regarding a possible disposal of certain assets have been terminated.
    On 18 September 2008, Heritage announced that having received an
unsolicited approach it was in very early preliminary discussions with a third
party regarding a possible disposal of certain of its assets. The Company has
now terminated all discussions with the third party and its advisers.
    The Company believes that the best way to create shareholder value is
through active, high-impact drilling programmes, like that which has just
commenced in Uganda (announced earlier today) with the potential to transform

    %SEDAR: 00010129E

For further information:

For further information: Heritage Oil Limited, Tony Buckingham, CEO,
Paul Atherton, CFO, +44 (0) 1534 873 000, +41 91 973 1800, (403) 234-9974,
info@heritageoilltd.com; Financial Adviser, JPMorgan Cazenove Limited, Ian
Hannam, Barry Weir, Steve Baldwin, Tel: +44 (0) 20 7588 2828

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