Kereco Energy Ltd. ("Kereco" or the "Corporation") - Update on Timing of Anticipated Convertible Debenture Offer

    (TSX: KCO)

    CALGARY, Feb. 26 /CNW/ - In a previous press release dated January 15,
2008, Kereco announced that it was anticipating making an offer to its current
convertible debenture holders to repurchase the debentures at 95% of their par
value, subject to normal regulatory and Toronto Stock Exchange ("TSX")
approvals, as applicable. At that time it was anticipated the timing of the
mail out of the offer would be by the end of January 2008.
    Subsequent to that announcement Kereco sought, but was unable to obtain,
a waiver from the requirement for a formal independent valuation of the
convertible debentures for inclusion in the offering document to be made to
the debenture holders. Therefore we have now engaged an independent firm to
prepare the required valuation and expect the results of their work to be
presented to our Board of Directors on March 13, 2008. Pending their review
and approval to proceed, an offer could be mailed shortly thereafter.

    %SEDAR: 00021661E

For further information:

For further information: Kereco Energy Ltd., Grant B. Fagerheim,
President and Chief Executive Officer, Phone (403) 290-3401 Or Stephen C.
Nikiforuk, C.A., Vice President, Finance and Chief Financial Officer, Phone
(403) 290-3404

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