Probe Resources Ltd.

Probe Resources Ltd.

June 02, 2009 09:15 ET

Probe Announces Gas Discovery at East Cameron 37

THE WOODLANDS, TEXAS--(Marketwire - June 2, 2009) - 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 37 #1 well located in the U.S. Gulf of Mexico. The well has reached a total depth of 12,039' MD / 10,972' TVD. The Company encountered its primary objective, logging approximately 50' of TVD net pay. The results exceeded the company's expectations. Probe holds a 52% working interest ("WI") and a 36.4% net revenue interest ("NRI") in the well along with its partners, including Petrodome Energy, LLC, a privately held Houston based E&P company who holds a 44% WI and a 32.1% NRI in the well.

Production casing is currently being run in the well. The well was drilled from the same surface location as the previously announced East Cameron 36 #1 discovery. A production test facility has been constructed and will be installed on location in the next few months. A flowline will be constructed to a nearby host facility which will handle final processing. Concurrent to the construction operations, a completion rig will be mobilized and the two wells will be completed. Production is expected to commence in the fourth quarter of 2009.

Additionally, the Company has relinquished its interest in Brazos Block 434 due to the impending expiration of its drilling commitment and in order to accelerate development of its previous discoveries.

Details of the current drilling program are more fully described in the Company's National Instrument 51-101 report filed January 13, 2009 and available for review at 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.


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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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