JED Oil Inc. Announces Production and Drilling Update

    DIDSBURY, ALBERTA, November 29 /CNW/ - JED Oil Inc. (AMEX:   JDO) today
announced an update regarding its previously reported winter program in the
Steen River area of northern Alberta.

    Steen River Winter Drilling Program

    JED has finished completing one well and tie-ins of two additional wells
that were drilled in 2006 by the former Caribou Resources, and these two
Sulphur Point oil and gas wells and a Keg River oil well are now on-line
producing a total of approximately 600 boe's per day. The Company owns 100%
working interest in these wells and the additional production has increased
JED's sustainable production to approximately 1,765 boe's per day.

    The Company's winter drilling program consists of fifteen locations in
Steen River, ten targeting Keg River oil and five targeting Slave Point
natural gas. The first Keg River oil well has been drilled and JED has two
rigs currently drilling the next two Keg River oil wells and it is expected
that the first four wells of the program, all targeting Keg River oil, will be
completed, tied-in and on production by December 24th. In addition to these
four new oil wells, JED also has one Sulpher Point gas well that was
previously drilled which it anticipates will also be completed, tied-in and on
production by December 24th. "We are very pleased with the initial results of
our Steen River program and we are on track for meeting our guidance for our
December 31, 2007 exit rate," stated JED's President, James Rundell. "We will
continue to utilize at least two drilling rigs until the program is totally
completed by March 31, 2008."

    About JED

    Established in September 2003, JED Oil Inc. is an oil and natural gas
company that commenced operations in the second quarter of 2004 and has begun
to develop and operate oil and natural gas properties principally in western
Canada and the United States.

    Boe's may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 mcf of natural gas to 1 barrel of crude oil is based on
an energy equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead.

    This press release contains forward-looking statements. The words
"proposed", "anticipated" and scheduled" and similar expressions identify
forward-looking statements. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered reasonable
by management, are inherently subject to significant business, economic and
competitive uncertainties and contingencies which could cause actual results
to differ materially from the future results expressed or implied by the
forward-looking statements. Such statements are qualified in their entirety by
the inherent risks and uncertainties surrounding future expectations. The
anticipated success and production of JED's current drilling, work-over and
tie-in opportunities may not be realized. Other factors that may affect future
results include uncertainties involved in the dispute with one of our
noteholders and other risk and uncertainties as are contained in JED's filings
with the Securities and Exchange Commission ("SEC"), which are available at
the SEC's Web site ( and JED's filings with the Alberta
Securities Commission, which are available at the Web site
( JED is not under any obligation, and expressly
disclaims any obligation, to update, alter or otherwise revise any
forward-looking statement, whether written or oral, that may be made from time
to time, whether as a result of new information, future events or otherwise.

For further information:

For further information: Company: JED Oil Inc. Tom Jacobsen, CEO
403-335-2107 or Marcia Johnston, VP Legal & Corporate Affairs 403-335-2105 or Investor Relations Counsel The Equity Group Inc. Linda
Latman, 212-836-9609 Lena Cati, 212-836-9611

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