Exceed Energy Inc.

Exceed Energy Inc.

November 14, 2007 13:14 ET

Exceed Announces Multizone Success at Bashaw

CALGARY, ALBERTA--(Marketwire - Nov. 14, 2007) - Exceed Energy Inc. (TSX VENTURE:EX.A) (TSX VENTURE:EX.B) ("Exceed" or the "Company") has drilled and cased a well at Bashaw, Alberta, to a depth of 1388 meters. Five potential oil and gas zones were discovered and five drill stem tests were performed. The Viking zone flowed at rates from 1.7 to 2.0 million cubic feet per day through a 12.5 mm choke. The Sparky test validated gas in place and the Ostracod zone test recovered oil and drilling mud. The Sparky zone has a net gas pay thickness in excess of 15 meters. Both Ostracod and Sparky zones will require fracture stimulation as part of their completion. Exceed holds a 12 percent working interest in the well.

Exceed Energy Inc. is a Calgary based organic growth orientated junior oil company engaged in the drilling and development of conventional oil and gas reserves in western Canada. Exceed's Class A and Class B shares trade on the TSX Venture Exchange under the symbols "EX.A" and "EX.B" respectively.

Forward Looking Statements

This press release may contain forward-looking statements including expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projects relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect Exceed's operations or financial results are included in Exceed's reports on file with Canadian securities regulatory authorities that may be accessed at www.sedar.com.

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

Contact Information

  • Exceed Energy Inc.
    Richard Wolfli
    President and CEO
    (403) 508-1852
    (403) 508-1781 (FAX)