ProspEx Resources Provides Operational Update

    CALGARY, Feb. 19 /CNW/ - ProspEx Resources Ltd. ("ProspEx" or the
"Company") is providing an operational update with respect to certain projects
within its winter 2008 drilling program.
    At Edson, the 8-13-54-19W5 well was drilled out of intermediate casing
last week and deepened approximately 204 meters into the target Devonian
Wabamun zone. The open-hole section was wireline logged and a liner has now
been run to total depth. The working interest partners in this well are
sufficiently encouraged to proceed with completion of the gas pay intervals
indicated by mud gas shows and the wireline logs. Completion operations are to
commence this week. The partners in the well are Duvernay Oil Corp. (65%) and
ProspEx Resources Ltd. (35%).
    At Salter, a horizontal well has been drilled and completed in the
Mississippian Rundle Group in a foothills structure. An extended flow test is
currently underway, with initial flow rates of approximately 4.8 million cubic
feet per day at a flowing tubing pressure of 1,410 pounds per square inch
after more than four days of flow from this well. ProspEx has a 40% working
interest in the production from this well.
    ProspEx Resources Ltd. is a Calgary-based junior oil and gas company
focused on exploration for natural gas in the Western Canadian Sedimentary

    Reader's Advisory

    Certain information regarding ProspEx Resources Ltd. including
management's assessment of future plans and operations, constitutes
forward-looking information or statements under applicable securities law and
necessarily involve assumptions regarding factors and risks that could cause
actual results to vary materially, including, without limitation, assumptions
and risks associated with oil and gas exploration, development, exploitation,
production, marketing and transportation, loss of markets, volatility of
commodity prices, currency fluctuations, imprecision of reserve estimates,
environmental risks, competition, incorrect assessment of the value of
acquisitions, failure to realize the anticipated benefits of acquisitions and
ability to access sufficient capital from internal and external sources.
    The reader is cautioned that these factors and risks are difficult to
predict and that the assumptions used in the preparation of such information,
although considered reasonably accurate by ProspEx at the time of preparation,
may prove to be incorrect. Accordingly, readers are cautioned that the actual
results achieved will vary from the information provided herein and the
variations may be material. Readers are also cautioned that the foregoing list
of factors is not exhaustive. Additional information on these and other
factors that could affect ProspEx's operations or financial results are
included in ProspEx's reports on file with Canadian securities regulatory
authorities. In particular see ProspEx's MD&A and the Risk Factors and
Industry Conditions sections of ProspEx's Annual Information Form. ProspEx's
reports may be accessed through the SEDAR website (, at
ProspEx's website ( or by contacting the Company directly.
Consequently, there is no representation by ProspEx that actual results
achieved will be the same in whole or in part as those set out in the forward
looking information.
    Furthermore, the forward-looking statements contained in this news
release are made as of the date of this news release, and ProspEx does not
undertake any obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information, future
events or otherwise, except as required by law. The forward-looking statements
contained herein are expressly qualified by this cautionary statement.
    Boe's may be misleading, particularly if used in isolation. A boe
conversion ratio of six thousand cubic feet to one barrel is based on an
energy equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead.

    %SEDAR: 00021285E

For further information:

For further information: John Rossall, President & Chief Executive
Officer,, (403) 268-3941 or George Yee, Vice President Finance
and Chief Financial Officer,, (403) 268-3942

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