Exile Resources Inc.
TSX VENTURE : ERI

Exile Resources Inc.

January 04, 2008 09:20 ET

Exile Resources Completes First Stage of EIA for Akepo Oilfield, Nigeria

TORONTO, ONTARIO--(Marketwire - Jan. 4, 2008) - Exile Resources Inc. (TSX VENTURE:ERI) today announced that the Company and its partner, Sogenal, recently completed the first, dry season, stage of the Environmental Impact Assessment (EIA) report for the Akepo Oilfield which is required before any oilfield operations such as drilling may begin. The contractor was OESSL, an experienced local company; the marine vessel used was mobilised from FLT Onne Port Harcourt; and the work progressed without incident over four days in December, both on time and within budget.

Whilst at sea, the opportunity was taken to perform an initial examination of the well head for the suspended Akepo-1ST well which is visible above the waterline, and it appears to be in good condition.

Exile's next major steps for Akepo project are to examine the options for either re-entry of the existing suspended well or a new well, and to choose amongst various options for the development of the Oilfield.

Tony Henshaw, President and CEO, commented "This first phase of operational activity in the area represents the culmination of meticulous and methodical planning with the help and co-operation of the Department of Petroleum Resources staff in Lagos and Warri, and the competent and efficient work by our local contractors. We look forward to continuing these co-operative relationships as we further our progress to develop the Akepo Oilfield."

Exile Resources Inc. has filed its financial statements and management's discussion and analysis for its fiscal year ended August 31, 2007, which can be viewed on www.sedar.com and the Company's website.

Options for financing the next stage of development are under consideration.

About Exile Resources Inc.

Exile Resources Inc. is an oil and gas exploration company advancing the development of the Akepo Oilfield in the shallow water Niger Delta, Nigeria. The Company is also pursuing additional oil and gas, exploration and development opportunities in Africa. Exile Resources Inc. has 35,828,656 issued and outstanding common shares. Please visit Exile Resource's web site for further information: www.exileresources.com.

To receive press releases from Exile,
please email val@chfir.com and mention "Exile Resources" in the subject line.

The TSX Venture Exchange has not reviewed this release and it does not accept responsibility for its adequacy or accuracy.

Contact Information