Pacific Stratus Announces Reserve Summary for 2006

    TORONTO, March 28 /CNW/ - Pacific Stratus Energy Ltd. (TSX: PSE)
announces that Petrotech Engineering Ltd., independent petroleum engineering
consultants in Burnaby, British Columbia, has prepared the 2006 year-end
reserve evaluation report for the Company. This report is in compliance with
National Instrument 51-101 "Standards of Disclosure for Oil and Gas
Activities". Among other things, the report has estimated the gas reserves for
La Creciente - Prospect A as 130.5 billion cubic feet (Bcf) of proved
developed non-producing reserves and probable undeveloped reserves of
508.3 Bcf.
    The La Creciente-1 well was assigned 130.5 Bcf of proved developed
non-producing reserves based on a four-point modified isochronal test and
480-acre drainage due to a fault identified by 2-D seismic. Three offset well
locations were assigned probable undeveloped reserves of 508.3 Bcf based on
the interpretation of LC-1 data and 2-D seismic interpretation.
    Due to current pipeline constraints for the La Creciente Block, both
proved developed non-producing and probable reserves are restricted to the
carrying capacity of the pipeline. Until a definitive pipeline expansion plan
is in place and additional sales gas contracts have been signed, the reserves
cannot be increased beyond the current available pipeline capacity. This
restriction is in accordance with Section 5.5.4 (General Requirement for
Classification of Reserves), Section 7.3.2.b (Gas Purchase Contracts) and
7.3.2.d (Field Development Limitations) in the Canadian Oil & Gas Evaluation
    The summary reserve statement and reserve reconciliation statement are
included below. The reserves shown are the Company's working interest share of
100% before deducting royalties (Gross) and after deducting royalties (Net).
Royalties will be between 6.4% and 10.0%, depending on total production.

                                      Light & Medium     Natural & Associated
                                         Crude Oil                Gas
                                     Gross       Net       Gross       Net
    Reserve Category                 (Mbbl)     (Mbbl)     (Bcf)      (Bcf)
    -----------------                ------     ------     -----      -----
    Proved developed producing      2,907.1    2,325.7        0.0        0.0
    Proved developed non-producing      0.0        0.0      130.5      122.1
    Proved undeveloped              2,668.2    2,134.6        0.0        0.0
    Proved                          5,575.4    4,460.3      130.5      122.1
    Probable                            0.0        0.0      508.3      475.7
    Proved plus probable            5,575.4    4,460.3      638.8      597.9

    The reserves shown are based on Petrotech's report, are presented for
comparative purposes only, and are estimates only. Actual reserves on the
company's properties may be greater or less than those calculated.

                                            Product Type
                        Light & Medium Crude Oil   Natural and Associated Gas
                             Gross Reserve               Gross Reserve
                                         Proved +                    Proved +
                       Proved  Probable  Probable  Proved  Probable  Probable
    Description         (Mbbl)   (Mbbl)   (Mbbl)    (Bcf)    (Bcf)    (Bcf)
    ------------        ------   ------   ------    -----    -----    -----
    December 31 2005
     (opening balance)   190.0    262.7    452.7       5.8      0.0      5.8
    Extensions and
     recovery          2,668.2      0.0  2,668.2       0.0      0.0      0.0
     revisions           (27.2)   (60.6)   (87.8)      0.0      0.0      0.0
    Discoveries            0.0      0.0      0.0     130.5    508.3    638.8
    Acquisitions       3,135.7      0.0  3,135.7       0.0      0.0      0.0
    Dispositions           0.0      0.0      0.0       0.0      0.0      0.0
    Economic factors       0.0   (202.1)  (202.1)     (5.8)     0.0     (5.8)
    Production          (391.3)     0.0   (391.3)      0.0      0.0      0.0
    December 31 2006
     (closing balance) 5,575.4      0.0  5,575.4     130.5    508.3    638.8

    For complete information regarding Pacific Stratus' reserves, please
review the Company's 2006 Form 51-101F1 "Statement of Reserves Data and Other
Oil and Gas Information" that will be filed on SEDAR at on or
before April 30, 2007.
    Under the National Instrument 51-101 guidelines, proved reserves are
reserves that have a 90% chance of being exceeded at the reported level.
Proved reserves, by definition, are conservative. Nine times out of ten actual
reserves will be greater than the proved estimate. Proved plus probable
reserves are defined as those reserves that have a 50% probability of being
exceeded at the reported level. They are the best estimate, or the most
realistic case. It is equally likely that the actual reserves will be higher
or lower than the estimate.

    Pacific Stratus Energy is a Canadian-based oil and gas company that
initiated operations in 2004. The company is focused on identifying attractive
opportunities primarily within the upstream Sub Andean basins. Pacific Stratus
has a current net production of 2,200 barrels of oil per day, with working
interests in the Caguan, Dindal, Rio Seco, Puli B, Doima (currently under
dispute), La Creciente, Moriche and Guama blocks in Colombia. The company has
offices in Toronto, Caracas and Bogota. Further information is available on
our website at

    This press release may contain forward-looking statements based on
assumptions, uncertainties and management's best estimates of future events.
Actual results may differ materially from those currently anticipated.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties. Important factors that could cause actual results to differ
materially from those expressed or implied by such forward looking statements
are detailed from time to time in the company's periodic reports filed with
the British Columbia Securities Commission and other regulatory authorities.
The company has no intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.

    %SEDAR: 00008913E

For further information:

For further information: Robert Doyle, Executive Vice President & CFO,
(416) 362-7735,

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