Exile Resources Inc.

Exile Resources Inc.

November 12, 2007 08:54 ET

Exile Resources Moving Forward on Positive Review from Independent Nigerian Consultant

TORONTO, ONTARIO--(Marketwire - Nov. 12, 2007) - Exile Resources Inc. (TSX VENTURE:ERI) today announced that Ankor Pointe Integrated, an independent and reputable Nigerian engineering and IT consultancy that has worked on assessments for such companies as Agip Oil Company Ltd., Addax Petroleum Corporation, Pan Ocean Oil Corporation, Moni Pulo Limited, and extensively in the Niger Delta, has delivered a review (the "Review") commissioned by Exile and its partner, Sogenal Ltd, on the undeveloped resources of the Akepo Block.

Both Exile and Sogenal are satisfied with the Review and its estimate of undeveloped oil and gas resources, however, since Ankor Pointe and its professionals have not been recognized as a qualified professional as defined by Canadian National Instrument 51-101, Exile Resources is prohibited from disclosing the Review and its estimate to investors. Non-compliance with 51-101 standards is a warning to investors that the information may not be reliable.

Exile and Sogenal are proceeding with development of the Akepo Oilfield, and a number of development options are being progressed for evaluation.

By way of background, early this summer Exile and its partner in the Akepo Oilfield, Sogenal Ltd., commissioned for an independent review of the subsurface technical data to provide a second opinion that could refine the estimates of undeveloped oil resources so that further development of the field could be more reliably planned for. Ankor Pointe Integrated was selected over two other contractors who bid for the work in light of the group's extensive experience in the Niger Delta.

The Akepo wells drilled by Chevron in 1993 were not tested at the time, but nearby wells on similar structures have tested at around 3,000 bopd. Recovery Factors are, as yet, unproven for Akepo, but nearby Fields have Recovery Factors ranging between 26% and 49% on primary recovery.

Regarding the Company's current activities, President and CEO Tony Henshaw, commented: "We are moving forward on many fronts to advance critical parts of the Field's development plan. The next major step to come will be the arrangements for the required Environmental Impact Assessment or EIA."

About Exile Resources Inc.

Exile Resources Inc. is an oil and gas exploration company advancing the development of the Akepo Oilfield in the shallow water Niger Delta, Nigeria. The Company is also pursuing additional oil and gas, exploration and development opportunities in Africa. Exile Resources Inc. has 35,828,656 issued and outstanding common shares. Please visit Exile Resource's web site for further information: www.exileresources.com.

To receive press releases from Exile, please email val@chfir.com and mention "Exile Resources" in the subject line.

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

Contact Information