SOURCE: Radial Energy Inc.

November 15, 2006 16:24 ET

Radial Energy Updates Advances in Colombia

HOUSTON, TX -- (MARKET WIRE) -- November 15, 2006 -- Radial Energy Inc. (OTCBB: RENG) reports today that the Company is moving forward in Colombia, making noteworthy progress executing its strategy to acquire and develop overlooked and under-exploited oil and natural gas reserves in North and Latin America.

The Company has secured a formal extension to the terms of its Letter of Intent ("LOI") with Maxim Well Services Ltda. giving the Company through December 15, 2006, if needed, to complete its ongoing due diligence of the assets in advance of executing the definitive Joint Operating Agreement ("JOA").

The Letter of Intent ("LOI") with Maxim outlines the Company's intent to acquire a 20% working interest in and rights to explore and produce hydrocarbons in the Middle Magdalena Valley's Bosques Block. Radial Energy is working to reactivate and maximize the play's known production and explore its potential for substantial untapped reserves. Chief Operating Officer Omar Hayes is currently in Colombia registering Radial Energy as an active oil & gas company and establishing its new field office.

Radial Energy is proceeding with negotiations of the Bosques Block JOA based on the positive findings of a third party reserve assessment conducted by Gustavson Associates, which estimates that 1,100,000 gross barrels of proven oil reserves remain to be produced from a field on the block which is currently defined by two recently shut-in wells. Of these proven reserves, 550,000 barrels are classified as proved non-producing and 550,000 barrels are classified as proved undeveloped. The report also estimates proved plus probable reserves of 2,300,000 barrels and proved, probable plus possible reserves of 4,100,000 barrels.

"We are extremely excited about the progress made to date in Colombia," said Company President G. Leigh Lyons. "At Radial Energy we are committed to moving quickly to take full advantage of opportunities to build asset value and cash flow. We have been busy in Colombia during the Bosques Block due diligence period, with the opening of the new office in Bogota, the company registration effort and ongoing pursuit of new projects in the region. We look forward to executing the JOA and initiating development work on the block soon thereafter."

About Radial Energy Inc. (RENG.OB)

Radial Energy identifies, acquires and develops low risk oil and natural gas exploration and development opportunities throughout the Americas. The Company's innovative strategy involves targeting overlooked or under-developed reserves that are under the radar of multinational oil companies and out of the reach of small independents.

Radial Energy has rapidly assembled an impressive portfolio of oil and gas plays including working interests in two separate oil and gas prospects located in Cherokee County, Texas, as well as in the Block 100 oil project located within the Huaya Anticline area in the Ucayali Basin of eastern Peru. The Company has also executed a Letter of Intent to acquire rights to explore and develop oil reserves on the Bosques Block play located in the prolific Middle Magdalena Valley of Colombia. The Company targets prospective oil and natural gas opportunities in historically productive regions with a primary focus on identifying previously drilled but undeveloped exploratory wells that, due to factors at the time of initial drilling including the absence of pipeline infrastructure, lack of modern recovery technology, poor geological or engineering interpretation or low oil and gas prices, were not fully exploited.

Radial Energy is led by a highly motivated team of industry veterans with proven expertise in North, Central and South American oil and natural gas development. Bolstered by first-rate management, farsighted acquisitions, the speed and agility to take advantage of changing market conditions, a firm commitment to building value for shareholders and the growing demand for energy worldwide, Radial Energy is taking maximum advantage of a tremendous opportunity to develop overlooked and under-developed oil and gas reserves in North and South America.

Forward-Looking Statements

Except for statements of historical fact, the information presented herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include the statements regarding the Company's expectations, hopes or intentions regarding the future. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include the ability to successfully drill and complete wells such as the Huaya 100-1X well, general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund future operations, and changes in consumer and business consumption habits and other factors over which Radial Energy Inc. has little or no control.

Radial Energy Inc.
G. Leigh Lyons, President

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