Tajzha Ventures Ltd.
TSX VENTURE : TJZ

Tajzha Ventures Ltd.

December 17, 2007 09:00 ET

Tajzha Ventures Ltd. Provides Kotcho Lake Update and Terminates Gulf of Mexico Letter of Intent

CALGARY, ALBERTA--(Marketwire - Dec. 17, 2007) -

NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Tajzha Ventures Ltd. ("Tajzha")(TSX VENTURE:TJZ) is pleased to announce that the operator of its Keg River prospect in north-eastern BC has advised of its intention to complete drilling operations as quickly as possible. The well has been drilled and cased to within approximately fifty meters of the target Keg River formation. The surrounding area has numerous gas pools producing from the Slave Point formation, which overlies the very productive and highly permeable Pine Point reefs.

By participating in this test well, Tajzha will earn a 10% working interest in the exploration block consisting of approximately five sections of land. Tajzha will pay 11.67% of the costs of the test well to earn a 10% working interest in the well. Any subsequent wells in the exploration block will be on a straight-up working interest basis. Tajzha has the opportunity to participate in four additional exploration blocks on the same terms as the initial exploration block. Tajzha must participate in the first well on each option block to earn into the land in that block.

Tajzha has completed its due diligence on the Gulf of Mexico offshore exploration blocks announced in its news release on November 28, 2007. Based on the analysis by Tajzha's professional team, Tajzha has concluded that the expenditures, potential production and potential reserves do not meet with management's objectives for longevity, risk and value. Accordingly, Tajzha has terminated the Letter of Intent for the Gulf of Mexico.

Tajzha is continuing to evaluate other drilling and acquisition opportunities.

ABOUT TAJZHA VENTURES LTD.

Tajzha Ventures Ltd. is a junior oil and natural gas company based in Calgary, Alberta with core operated properties located in the Davey Lake and Provost Areas, Alberta. Tajzha is also a participant in a drilling venture located in north-eastern British Columbia. Tajzha's Common Shares trade on the TSX Venture Exchange under the symbol "TJZ".

Certain statements in this material may be "forward-looking statements" including outlook on oil and gas prices, estimates of future production, estimated completion dates of acquisitions and construction and development projects, business plans for drilling and exploration, estimated amount and timing of capital expenditures and anticipated future debt levels and royalty rates. Information concerning reserves contained in this material may also be deemed forward-looking statements as such estimates involve the implied assessment that the resources described can be profitably produced in the future. These statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated by the Company.

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

Contact Information

  • Tajzha Ventures Ltd.
    Ronnie D. Doman
    President
    (250) 246-4791
    or
    Tajzha Ventures Ltd.
    Terry O. Lashman
    Director
    (604) 684-7929 or 1-800-665-2454
    Website: www.tajzha.com
    or
    CHF Investor Relations
    Alison Tullis
    Account Manager
    (416) 868-1079 ext. 233