SOURCE: Eldorado Exploration, Inc.

June 24, 2008 15:52 ET

Eldorado Exploration Announces Well Start Date

Drilling Commenced Today in Jefferson County, Illinois

IRVINE, CA--(Marketwire - June 24, 2008) - Eldorado Exploration, Inc. (PINKSHEETS: EDEX) announced today that drilling has begun in the first of 3 wells in Illinois. Exploration depth is expected to reach 3600' in order to test a Pinnacle Reef system identified by Passive Induced Polarization (PIP) as having potential for oil and / or gas. The 2nd well will be drilled on a PIP-identified site in Clinton County, Illinois in July; and a 3rd well is scheduled to commence drilling in August.

David T. Laurance, President of the Company, stated: "We are pleased to be able to report that exploration has started in the Illinois Pinnacle Reef and look forward to updating shareholders when operations are completed."

The success of these initial wells would help prove up over 100 additional locations in the Illinois Basin that have been surveyed and mapped using PIP technology.

Eldorado Exploration, Inc. is an independent oil and gas company that utilizes a process called Passive Induced Polarization 'PIP' to detect electrostatic signals given off of some geological anomalies. In most cases, a positive response indicates a hydrocarbon accumulation and a negative reading is almost always a dry hole. When used with the standard geological tools and methods, the PIP process enhances the odds of success for discovering oil and gas.

Please be advised that statements made herein, other than historical data, constitute forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those stated or implied by such forward-looking statements. The potential risks and uncertainties include, among others, potential volatility in the company's stock price, increased competition, customer acceptance of new products and services offered by the company, uncertainty of future revenue and profitability, and fluctuations in its quarterly operating results. Please also be advised that Eldorado Exploration is a non-reporting Pink Sheets company and is not required to be registered with the Securities and Exchange Commission.

For additional information about Eldorado Exploration, please visit www.eldoradoexploration.com or e-mail eldoex@yahoo.com.

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