Verenex Energy Inc. - Orca 1 exploration well commences drilling



    CALGARY, Aug. 27 /CNW/ - Verenex Energy Inc. ("Verenex") (TSX - VNX) and
its joint venture participants, Vermilion Energy Trust and Bordeaux Energy
Inc., are pleased to announce that the Orca 1 exploration well on the
Aquitaine Maritime Permit in the Bay of Biscay, offshore France, commenced
drilling on August 26, 2007.
    The Orca 1 well is planned to be drilled to a depth of 2,600 metres below
mean sea level and is targeting the largest of six structures identified
within the Permit on new 3D seismic shot in 2005.

    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
statements.

    %SEDAR: 00020996E




For further information:

For further information: Jim McFarland, President and Chief Executive
Officer, Verenex Energy Inc., Telephone: (403) 536-8009 or Ken Hillier, Chief
Financial Officer, Verenex Energy Inc., Telephone: (403) 536-8005,
www.verenexenergy.com

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VERENEX ENERGY INC.

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