Probe Resources Ltd.
TSX VENTURE : PBR

Probe Resources Ltd.

October 30, 2008 09:22 ET

Probe Announces Gas Discovery at East Cameron 246

THE WOODLANDS, TEXAS--(Marketwire - Oct. 30, 2008) - Probe Resources Ltd. (the "Company" or "Probe") (TSX VENTURE:PBR) is pleased to announce that it has discovered commercial gas reserves in its East Cameron 246 No. 2 well located in the U.S. Gulf of Mexico. The well is currently being drilled and has reached a measured depth of 9,346 feet and a true vertical depth of 6,694 feet as of 6:00am CDT today. The Company encountered its primary objective in the Lentic formation logging approximately 45 feet of net pay. It is anticipated that the planned total depth of the well will be reached early next week. The expected gross production rate from this formation is 10 - 15 MMcfd. Probe holds a 100% working interest ("WI") and a 70% net revenue interest ("NRI") in the well.

Upon completion of the drilling activities, production casing will be run and the well will be suspended awaiting production facilities. Production from the field is expected to commence late in the first quarter of 2009. Further drilling in the field is planned during 2009.

Along with this discovery, the Company is currently executing the development plan on its previously announced discovery at the East Cameron 36 No. 1 well. The expected gross production rate for this well is 5 - 10 MMcfd. Probe holds a 100% WI and a 69.5% NRI in the well. Production is expected to commence in the first quarter of 2009.

Scott Broussard, Chairman and CEO of Probe, commented; "We are encouraged by the recent success in our initial drilling program, and we anticipate a continuation of gas discoveries consistent with our expectations."

The Company also announces that the drilling rig under contract to drill the South Timbalier 214 well is expected to move on to location in mid November, 2008. The rig has experienced significant delays in its completion of work for another operator due in large part to Hurricane Ike. Probe holds a 100% WI and a 70% NRI in the well.

Additionally, due to extensive damage to onshore facilities, the Company's High Island 115 B-1 sidetrack No. 2 well has not returned to production since Hurricane Ike. Repairs to the facilities are ongoing and should be completed by mid November. Probe holds a 41.5% WI and a 30.9% NRI in the well.

Details of the current drilling program are more fully described in the Company's National Instrument 51-101 report filed June 5, 2008 and available for review at www.sedar.com and on the Company's website.

About Probe Resources Ltd.

The Company, along with its wholly owned subsidiary Probe Resources US Ltd. located in The Woodlands, Texas, is an oil and natural gas exploration and production company focused on generating, acquiring, developing, and operating drilling prospects within the Texas and Louisiana Outer Continental Shelf of the Gulf of Mexico.

ON BEHALF OF PROBE RESOURCES LTD.

Scott Broussard, Chief Executive Officer and Chairman of the Board

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the Company's securities in the United States. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

Statements in this press release may contain forward-looking information including expectations of future operations (including drill rig commitments and use of proceeds), commerciality of any gas discovered, production rates, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income and oil taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, or reservoir performance, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information