Exall Resources Limited

Exall Resources Limited

March 01, 2005 15:51 ET

Exall Files NI 51-101 Oil & Gas Reserves Disclosure


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: EXALL RESOURCES LIMITED

TSX SYMBOL: EXL

MARCH 1, 2005 - 15:51 ET

Exall Files NI 51-101 Oil & Gas Reserves Disclosure

TORONTO, ONTARIO--(CCNMatthews - March 1, 2005) - Exall Resources
Limited ("Exall")(TSX:EXL) is pleased to announce the following
preliminary reserve data and other oil and gas information for the year
ended December 31, 2004 prepared in accordance with National Instrument
51-101 Standards of Disclosure for Oil and Gas Activities.

Set out below is a summary of Exall's oil & gas reserves after deduction
of royalties (net reserves) and the net present value of these reserves
on a pre-tax basis using an escalated price forecast as provided by the
Company's Independent Qualified Reserves Evaluator, McDaniel &
Associates Consultants Ltd., discounted at 0% and 10%. The effective
date of this summary is December 31, 2004. This summary does not include
any results from Aitken Creek, BC.



Company Future net Revenue
Interest Reserves before income taxes
After Royalty discounted at a rate of
----------------- -----------------------
Oil
Reserve category Gas & NGLs Total 0.0% 10.0%
---------------------------------------------------------------------
mmcf mbbl mboe $m $m

Proved Reserves 403.7 69.0 136.3 3,501 2,544
Probable 368.2 57.6 119.0 3,304 1,711
----- ---- ----- ----- -----
Total Proved
plus Probable 771.9 126.6 255.3 6,805 4,255
----- ----- ----- ----- -----
----- ----- ----- ----- -----


At the Jayar Property, AB, three new wells were drilled in December,
2004 have recently been completed and are awaiting equipping and tie-in.
Completion operations on a fourth well in Jayar are also underway. New
compression has been added to the Jayar Gas Plant to increase production
capacity.

Exall Resources Limited is a Toronto Stock Exchange listed company that
trades under the symbol EXL (S.E.C. registration #82-3535). Exall is
active in gold exploration and development in Red Lake, Ontario, as well
as oil and gas exploration, development and production from its
properties in Alberta, British Columbia and Texas.

There are currently 54,273,203 common shares issued and outstanding.

FORWARD LOOKING STATEMENTS:

The statements made in this News Release may contain forward-looking
statements that may involve a number of risks and uncertainties. Actual
events or results could differ materially from the Company's
expectations and projections.


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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Exall Resources Limited
    Stephen G. Roman
    Chairman, President and CEO
    (416) 368-3949
    (416) 368-5146 (FAX)
    www.exall.com