Accrete Energy Inc.
TSX : GZ

Accrete Energy Inc.

February 28, 2008 16:05 ET

Accrete Energy Inc. Announces Year-End Reserves

CALGARY, ALBERTA--(Marketwire - Feb. 28, 2008) - Accrete Energy Inc. (TSX:GZ) (the "Corporation")is pleased to announce results of its year-end reserves report as prepared by GLJ Petroleum Consultants as at December 31, 2007.

Accrete has received its updated independent reserve evaluation report, compliant with National Instrument 51-101 from GLJ Petroleum Consultants ('GLJ'). Under NI 51-101, proved reserve assignments are based on a 90 percent certainty that total quantities recovered will equal or exceed proved reserve estimates. Proved plus probable reserves are the most likely case and are based on a 50 percent certainty that they will equal or exceed estimates. The reserves committee of Accrete's board of directors, which is made up of a majority of independent directors, met with GLJ representatives and has reviewed the independent evaluator's reserves report. Summary information is presented below. Additional disclosure, in accordance with NI 51-101, will be provided in the company's annual information form. Reserves for year-end December 31, 2007 are as follows:



Total Proved Reserves (Company Interest)

Heavy
Gas Oil Oil NGL's BOE NPV ($M)
(bcf) (mbbls) (mbbls) (mbbls) (mbbls) 10% 12%

December 31, 2006
Opening 24.78 435 - 2,431 6,995 116,341 108,709
Revisions .65 -164 - 274 218 - -
Drilling Discoveries .69 - - 19 134 - -
Drilling
Extensions 9.75 2 - 288 1915.2 - -
Acquisitions - - - - - - -
Divestitures - - - - - - -
Economic Factors -.01 - - -1 - - -
Production -4.29 -43 - -324 -1,080 - -
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December 31, 2007
Closing 31.57 230 - 2,687 8,179.2 133,903 125,311

Total Proved plus Probable Reserves (Company Interest)

Heavy
Gas Oil Oil NGL's BOE NPV ($M)
(bcf) (mbbls) (mbbls) (mbbls) (mbbls) 10% 12%
December 31, 2006
Opening 34.32 760 - 3,316 9797 149,596 138,241
Revisions 2.3 -343 - 540 578 - -
Drilling
Discoveries .99 - - 28 192 - -
Drilling
Extensions 13.30 3 - 395 2,615 - -
Acquisitions - - - - - - -
Divestitures - - - - - - -
Economic Factors -.01 - - - -2 - -
Production -4.29 -43 - -324 -1,080 - -
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December 31, 2007
Closing 46.61 377 - 3,955 12,100 173,342 159,590

NOTE: Due to number rounding and conversions, some values are approximate.
NPV values are based on GLJ January 1, 2008 price forecast.


The reconciliation and comparisons outlined above reflect current proved plus probable reserves versus previous proved plus probable reserves as carried by Accrete at December 31, 2006 as determined by GLJ. Investors should note that boes may be misleading, particularly if used in isolation.

Total Proved plus Probable Reserves have increased 23.5% from December 31, 2006 from 9796.6 MBOE to 12100.4 MBOE. Total Proved Reserves increased 16.9% over the same period, from 6994.8 MBOE to 8179.2 MBOE. Proved Producing Reserves account for 7454.8 MBOE or 91%. Proved Non-Producing volumes are 548 MBOE or 6.7%. It is expected that Proved Non Producing reserves will be placed on production by mid to end of the 1st Quarter as tie-ins are completed. Proven Undeveloped Reserves account for 2.2% of the Total Proven Reserve base.
Accrete Energy Inc. is an oil and gas exploitation and production company trading under the symbol "GZ" on the Toronto Stock Exchange.

Reader's Advisory

A boe conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Certain information contained herein constitutes forward-looking information under applicable securities laws and necessarily involves assumptions regarding factors and risks that could cause actual results to vary materially, including, without limitation, assumptions and risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition, incorrect assessment of the value of acquisitions, failure to realize on the anticipated benefits of acquisitions and ability to access sufficient capital from internal and external sources.

The reader is cautioned that these factors and risks are difficult to predict and that the assumptions used in the preparation of such information, although considered reasonably accurate by the Corporation at the time of preparation, may prove to be incorrect. Accordingly, readers are cautioned that the actual results achieved will vary from the information provided herein and the variations may be material. Readers are also cautioned that the forgoing list of factors is not exhaustive. Additional information on these and other factors that could affect Accrete's operations and financial results are included in Accrete's reports on file with Canadian securities regulatory authorities. In particular see the Corporation's MD&A and the Risk Factors and Industry Conditions sections of its Annual Information Form. Accrete's reports may be accessed through the SEDAR website (www.sedar.com) , at Accrete's website (www.Accrete-Energy.com) or by contacting the Corporation directly. Consequently there is no representation by Accrete that actual results achieved will be the same in whole or in part as those set out in the forward looking information.

Furthermore, the forward looking statements contained in this news release are made as of the date of this news release, and Accrete does not undertake any obligation to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events or otherwise, except as required by law. The forward looking statements are expressly qualified by this cautionary statement.

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