SOURCE: Turner Valley Oil and Gas Inc.

December 07, 2006 09:00 ET

First Well in Mississippi Shows 24 Feet of Gas Pay

VANCOUVER, BC -- (MARKET WIRE) -- December 7, 2006 -- Turner Valley Oil and Gas Inc. (OTCBB: TVOG) holds a 10 % gross working interest in a 50 well drilling program in Mississippi and Louisiana. The Company's Operator is Griffin and Griffin LLC of Jackson, Mississippi, a long-standing and respected oil and gas exploration Company in this region. Turner Valley Oil and Gas is pleased to announce that the first well (CMR-USA 39-14) has been successfully drilled to 3,200 feet, logged and is showing approximately 24 feet of gas pay. The Company's operator is awaiting a test rig to verify the reservoir expected by year-end. Anticipated production will be tied into the existing pipeline and compression infrastructure to be sold into the main Enbridge line to the Eastern Seaboard at premium Henry Hub Pricing

A drilling rig has been contracted for the next two wells. The rig will drill the first test well into the potentially high impact Wilcox formation mid December of 2006. Immediately following the Wilcox well, the second well will be drilled into the Tecumseh (TEC-1 Closure). This formation is expected to be a medium impact well.

The Company is awaiting further news from Murphy Oil regarding completion plans for the Strachan Well in Alberta. Completion is anticipated to occur in the first quarter of 2007 with tie in to the Strachan gas plant immediately thereafter assuming commercial quantities of marketable gas are achieved.

It is the intention of Management to remain focused on exploration and development drilling in Mississippi, Louisiana and Alberta, Canada. The Company is also reviewing a project in California.

ABOUT TURNER VALLEY OIL AND GAS INC.

Turner Valley Oil and Gas is an emerging oil and gas company focused on exploration for, development drilling for, and transmission facilities for the production and sale of oil and gas. Turner Valley is focused on increasing production by means of continuing acquisitions, development projects and exploration drilling within a joint venture framework.

FORWARD-LOOKING STATEMENT

Except for the historical and present factual information contained herein, the matters set forth in this release include statements of management's current expectations as to efficiencies, cost savings, market profile and financial strength, and the competitive ability and position of the company. Statements identified by words such as "expects," "projects," "plans," "believes," "estimates," and similar expressions are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These and other forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including the possibility that the anticipated benefits from TVOG's operations cannot be fully realized, the possibility that commodity prices, costs or difficulties related to the conduct of its business will be greater or lesser than expected, and the impact of competition and other risk factors relating to our industry will be greater than expected, all as detailed from time to time in TVOG's reports filed with the Securities and Exchange Commission. TVOG disclaims any responsibility to update these forward-looking statements.

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