Quetzal Energy Ltd.
TSX VENTURE : QEI.V

Quetzal Energy Ltd.

April 22, 2009 13:16 ET

Quetzal Energy Ltd.: Press Release

TORONTO, ONTARIO--(Marketwire - April 22, 2009) - Quetzal Energy Ltd. ("Quetzal") (TSX VENTURE:QEI.V), is pleased to announce a 92% increase in net present value of its reserves over last years filing. The disclosure and reports relating to reserves data and other petroleum and natural gas information required pursuant to National Instrument 51-101 have been filed for the year ended December 31, 2008. A copy of Quetzal's forms 51-101F1, 51-101F2 and 51-101F3 required pursuant to National Instrument 51-101 may be obtained from the Company's SEDAR profile at www.sedar.com.

The Net Present Value before income tax (discounted 10%) of Quetzal's reserves increased to C$ 100,960,860 (USD$ 82,082,400) from C$ 52,345,602 (USD$ 42,557,400) from the prior year as reported in Quetzals independent reserves evaluation dated April 3, 2009 for the year ended December 31, 2008.

The increase in net present value is primarily attributed to more efficient operating costs and updated oil forecast pricing.

Quetzal also announces the planned spudding of the Atzam #3 well, a proved development location, as a 500 meter eastern offset to its producing Atzam #2 well. Spud date is set on or near 12 May 2009.

Quetzal also wishes to correct a typographical reference contained in its press release dated April 17, 2009 in which it was stated that the warrants issued upon conversion of the subscription receipts of Quetzal Energy Ltd. would expire on April 21, 2009, subject to acceleration in certain circumstances. Such reference should have read April 21, 2012, subject to acceleration in certain circumstances as further described therein.

About Quetzal Energy Ltd.

Quetzal is a junior oil and gas company with properties in Guatemala.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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