Midnight Oil Exploration Ltd.

Midnight Oil Exploration Ltd.

March 23, 2007 14:52 ET

Midnight Oil Exploration Ltd. Files Its Revised Annual Information Form

CALGARY, ALBERTA--(CCNMatthews - March 23, 2007) - Midnight Oil Exploration Ltd. (TSX:MOX) ("Midnight") today filed its Annual Information Form ("AIF") and Revised Annual Information Form with the Canadian securities regulatory authorities on SEDAR in Canada. The AIF includes Midnight's reserve data and other oil and gas information for the year ended December 31, 2006 as mandated by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators. The Revised AIF has been filed to revise the table column headings that had reversed natural gas and natural gas liquids on the reconciliation of changes in reserves on pages 14 and 15. Copies of Midnight's Revised Annual Information Form may be obtained on www.sedar.com or on Midnight's website at www.midnightoil.ca.

Midnight is a publicly listed junior oil and gas exploration and development company based in Calgary, Alberta. Midnight's shares trade on the TSX under the symbol "MOX".

Note: Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. In accordance with NI 51-101, a boe conversion ratio for natural gas of 6 mcf:1 bbl has been used, which 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 set forth in this press release, including management's assessment of the future plans and operations may constitute forward-looking statements under applicable securities laws. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Midnight's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, economic changes, the effects of weather, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The actual results, performance or achievement of Midnight could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Midnight will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could effect Midnight's operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website at www.sedar.com Furthermore, Midnight disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.

Contact Information