Libra Fund II (Luxembourg) S.à r.l. Acquires Units of Veraz Petroleum Ltd.
for Investment Purposes

TORONTO, Dec. 1 /CNW/ - Libra Advisors, LLC ("Libra") announced today that Libra Fund II (Luxembourg) S.à r.l. (the "Fund") has acquired 4,000,000 Units of Veraz Petroleum Ltd. ("Veraz") at a price of $0.73 per unit. Each unit is comprised of one common share and one half of one common share purchase warrant.  Each warrant entitles the holder to purchase one common share in the capital of Veraz at a price of $1.10 for a period of 18 months after the closing date, subject to accelerated expiration.

As a result of the acquisition, the Fund now holds 4,000,000 common shares representing approximately 7.5% of the total outstanding common shares of Veraz, and 2,000,000 warrants of Veraz that, if exercised, would result in the Fund holding approximately 10.8% of the total outstanding common shares of Veraz.

The Fund acquired the common shares and warrants for investment purposes and may, from time to time, acquire additional securities of Veraz or dispose of such securities as it may deem appropriate.

Libra is the investment advisor to the Fund and maintains its principal office at 777 Third Avenue, 27^th Floor, New York, New York 10017.

For further information:

Mr. Ranjan Tandon, Managing Member, at [phone]