Warrior Energy N.V.
TSX VENTURE : WEN

Warrior Energy N.V.

July 31, 2008 18:46 ET

Warrior Energy Flows First Natural Gas From Green River Basin Project and Announces Drilling Program

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2008) - Warrior Energy N.V. ("Warrior" or the "Company") (TSX VENTURE:WEN) is pleased to announce the Company has reached a significant operational milestone with two successful wells in the Company's Strike Project Area, located within the highly-prolific Green River Basin of Wyoming.

Operational Update

The Company is delighted to announce that its first well, the Strike State #11 (20% W.I.), which was spud on May 20, 2008 and drilled to a depth of 11,145 feet, has recently been tied into sales and established an initial production ("IP") rate of 152 barrels of oil per day and 1,578 thousand cubic feet of natural gas ("Mcf") per day. On an equivalent Mcf basis, the Strike State #11's IP rate of 2,490 Mcf equivalent ("Mcfe") is well above the average of 1,500 Mcfe for the area. The Strike State #11 well is exceeding the Company's pre-drill expectations and management reinforces management's enthusiasm about the Company's resource potential within the Strike Project Area.

Additionally, the Strike State #12 (20% W.I.), which was spud on June 15, 2008 and drilled to a depth of 11,215 feet, has also been successfully completed and initially producing into sales at 515 Mcf per day. Results of the Strike State #12 are still preliminary as the well has only recovered approximately 34% of the frac fluid to date.

The Company is very encouraged by the early performance of both wells, which are expected to double the Company's current net production. In addition to the encouraging production rates, management remains pleased with recent oil and gas price realizations in the field, which have recently averaged $115 per barrel of oil and approximately $7 per Mcf of natural gas.

Drilling Program

Warrior is extremely pleased to announce its drilling program for the Strike Project Area for the second half of 2008. In addition to the Strike State #11 and Strike State #12, management has approved plans for the drilling of 4 additional wells this year in the high-potential Strike Project Area. The estimated capital budget net to the Company is approximately US$4.2 million, which is expected to be financed through the Company's existing US$50,000,000 credit facility from Macquarie Bank Limited, and includes the Strike State #10, Strike 13-08, Strike 14-08 and Strike 23-08 wells. The Company is currently in discussion with multiple drilling rig and service providers to facilitate the drilling of the Company's operated wells within Strike and expects to commence drilling within the next 20-30 days.

The Company will be closely monitoring the outcome of these wells over the next few months and if successful, would expect to significantly ramp up drilling activity in 2009 to 10-12 wells. As previously indicated, the Company has identified a large inventory of potential well locations on the Company's Strike acreage that are expected to provide the Company with multiple years of drilling inventory. As previously announced, the Company has identified a total of 77 new well locations on its Strike Project acreage.

Overview of Strike Area

The Strike area is a multi-play, unconventional gas resource play with outstanding economic potential characteristics and has been actively drilled over the past three years by several notable, large industry players. Wells have been drilled to the Ericson, with multiple completions in the Ericson, Lower Almond and Lewis pay zones. Wells drilled in the greater Strike Area range in depths from 11,000 feet to 11,500 feet. As previously detailed, initial production rates on recently drilled wells in the Strike area have ranged from 471 thousand cubic feet of gas per day ("Mcfpd") to 3.2 million cubic feet of gas per day ("MMcfpd").

Mr. Gordon Nielsen, President and CEO, stated, "Our technical team has done an exemplary job in developing a drilling portfolio within Strike, which we firmly believe will be a premier asset for the Company. Our drilling program for the remainder of 2008 will be aggressive as we seek to accelerate field development."

About Warrior Energy N.V.

Warrior is an emerging junior oil & gas exploration and production company primarily focused on identifying and exploiting large-scale natural gas opportunities.

Legal Notice Regarding Forward-Looking Statements

Certain statements in this News Release are forward-looking statements or information (collectively, the "forward-looking statements"). Forward-looking statements in this News Release include that "the Strike State #11 well is exceeding the Company's pre-drill expectations and management reinforces management's enthusiasm about the Company's resource potential within the Strike Project Area", "the Company is very encouraged by the early performance of both wells, which are expected to double the Company's current net production", "management has approved plans for the drilling of 4 additional wells this year in the high-potential Strike Project Area", "the estimated capital budget net to the Company is approximately US$4.2 million, which is expected to be financed through the Company's existing US$50,000,000 credit facility from Macquarie Bank Limited", "the Company is currently in discussion with multiple drilling rig and service providers to facilitate the drilling of the Company's operated wells within the Strike and expects to commence drilling within the next 20-30 days".

The Company is hereby providing cautionary statements identifying important factors that could cause the Company's actual results to differ materially from those projected in these forward-looking statements. Any statements that express, or involve discussions as to, expectations, beliefs, plans objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "will continue", "is anticipated", "estimated", "intend", "plan", "projection". "could", "vision", "goals", "objective" and "outlook") are not historical facts and may be forward-looking and may involve estimates, assumptions and uncertainties which could cause actual results or outcomes to differ materially from those expressed in the forward-looking statements. In making these forward-looking statements, the Company has assumed that the current market will continue and grow and that the risks listed below will not adversely impact the Company.

By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur or will be delayed. The risks, uncertainties and other factors, many of which are beyond the Company's control, that could influence actual results. Factors which may delay or prevent these forward-looking statements from being realized include inability to complete on intended financing, environmental requirements, decline in market prices of oil and natural gas, inability to obtain drilling or other permits, inability to obtain competent staff or proper equipment as needed, potential drilling and production difficulties, disappointing results on reserve expansion plan, as well as general risks applicable to all oil and gas exploration and development companies. In addition, readers are referred to risk factors as disclosed in the public filings of the Company and in the public reports of other junior oil and gas companies.

Caution regarding Oil and Gas Terminology and Nearby Production

Mcfe may be misleading, particularly, if used in isolation. A Mcfe conversion ratio of 1bbl: 6Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Also, production at wells contiguous of our acquired lands is not a guarantee of commercial production of our properties.

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

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