SOURCE: Turner Valley Oil and Gas Inc.

August 01, 2006 13:46 ET

Turner Valley Increases Interest in Strachan Leduc Well as It Nears Completion and Testing

VANCOUVER, BC -- (MARKET WIRE) -- August 1, 2006 -- Turner Valley Oil and Gas Inc. (OTCBB: TVOG) is very pleased to announce that the company has now increased its working interest in the Strachan Well 14-9-39-9-W5 to 5%. We are very pleased to have the opportunity to increase our working interest in this prolific natural gas area of Alberta, Canada. Shell Oil of Canada has announced a new Leduc Pool discovery at Ricinus with potential One Trillion cubic feet gas reserves. Turner Valley's Strachan prospect is 12 miles Northeast of the Shell Oil discovery and 2 miles Northeast of the original Strachan gas pool in the same part of the Deep Basin.

Turner Valley has elected to complete its final AFE (Authorization For Expenditure). With the operator issuing final AFE calls to the participants of the Strachan Well 14-9-39-9-W5, we are expecting that the target zones will be perferated and testing begun during August 2006.

To date, the Strachan Well has been drilled to a total depth of 13,650 feet at a cost of over $10 million to the 100% interest. The operator encountered extremely high gas pressures of up to 10,000 pounds per square inch in several zones. Due to the high pressures, drilling and completion has been a sensitive issue. Casing has been set to total depth. A specialized, high penetration, low diameter perforation gun has been ordered to perforate into various zones. Due to the possible formation parameters, additional required notices and permissions had to be requested and granted prior to this work being undertaken. These are now in place. The size of the gas pool is still undetermined until the testing is complete.

About Turner Valley Oil and Gas

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 Oil and Gas is focused on increasing production by means of continuing acquisitions, development projects and exploration drilling within a joint venture framework. Turner Valley is expecting to realize a significant capital gain on its holdings in WIN Energy as 2006 continues and it is the Company's intention to continue to aggressively grow its oil & gas initiatives.

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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