Verenex Energy Inc. - Cash reserves conservatively invested

    CALGARY, Aug. 23 /CNW/ - Verenex Energy Inc. ("Verenex" or the "Company")
(TSX - VNX) confirms that its cash reserves are conservatively invested in
cash savings and chequing accounts with TD Commercial Banking. These cash
funds are not invested in any asset-backed commercial paper instruments or
money market mutual funds.
    As disclosed in the Company's Second Quarter 2007 Report, the Company's
cash reserves at June 30, 2007 were $24.4 million, net of restricted cash
amounting to $10.2 million. The Company's cash position has since been
significantly increased from a bought-deal financing that closed on July 31,
2007, which contributed net proceeds (after fees and expenses) of
approximately $110 million.
    The Company's cash reserves will continue to be conservatively invested
to fund its operations in Libya and France and for general corporate purposes.

    Verenex is a Canada-based, international oil and gas exploration and
production company with a world-class exploration portfolio in the Ghadames
Basin in Libya and the Bay of Biscay offshore France.

    This press release contains forward-looking statements, including but not
limited to operational information, future exploration and development plans
and anticipated future production. These statements are based on current
expectations and are subject to a number of risks and uncertainties that could
materially affect the results. These risks include, but are not limited to:
financing risks; geological risks; drilling risks; risks associated with
obtaining regulatory approvals; oil and gas industry operational risks in
development, exploration and production; delays or changes in plans with
respect to exploration or development projects or capital expenditures; the
ability to attract and retain key personnel; the risk of commodity price and
foreign exchange rate fluctuations; the uncertainty associated with
negotiating with foreign governments; and the risk associated with
international activity. Due to the risks, uncertainties and assumptions
inherent in forward-looking statements, prospective investors in the company's
securities should not place undue reliance on these forward-looking

    %SEDAR: 00020996E

For further information:

For further information: Jim McFarland, President & CEO, Verenex Energy
Inc., Telephone: (403) 536-8009 or Ken Hillier, Chief Financial Officer,
Verenex Energy Inc., Telephone: (403) 536-8005

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