SOURCE: Radial Energy Inc.

November 29, 2006 16:05 ET

Radial Energy Senior Management Travels to Colombia -- Plans to Execute JOA and Attend Major Conference

HOUSTON, TX -- (MARKET WIRE) -- November 29, 2006 -- Radial Energy Inc. (OTCBB: RENG) wishes to advise that President and CEO G. Leigh Lyons will be accompanying Company COO, Omar Hayes on a strategically significant visit to Colombia in upcoming days.

On the agenda is attendance at the prestigious II Colombia Oil and Gas Investment Conference to be held at the Cartagena Convention Centre on the 3rd, 4th and 5th of December with an expected attendance of over 1500 industry professionals. The industry-sponsored event is one of the Andean region's largest events in its class and its stated goal is to capitalize on the interest and build trust in the country, with the aim of forging a business environment favorable to new investors and companies entering into the Colombian hydrocarbon sector.

During the trip, Radial Energy also plans to conclude its negotiations with Maxim Well Services Ltda. as regards execution of a definitive Joint Operating Agreement ("JOA") and acquisition of a 20% working interest in and rights to explore and produce hydrocarbons in the Middle Magdalena Valley's Bosques Block. The current Letter of Intent between the parties is valid through December 15th.

The Company plans to reactivate and maximize the Bosques Block play's known production and explore its potential for substantial untapped reserves. Management has favorably concluded its due diligence and based on the positive findings of a third party reserve assessment conducted by Gustavson Associates has chosen to quickly move ahead.

Gustavson Associates estimates that 1,100,000 gross barrels of proven oil reserves remain to be produced from a field on the block that is currently defined by two recently shut-in wells. Of these proven reserves, 550,000 barrels classified as proved non-producing and 550,000 barrels classified as proved undeveloped. The report also estimates proved plus probable reserves of 2,300,000 barrels and proved, probable plus possible reserves of 4,100,000 barrels.

In related news, Radial Energy has initiated the process to register in Colombia as an active oil & gas company and has firmly established itself with a field office in Bogotá.

About Radial Energy Inc. (OTCBB: RENG)

Radial Energy identifies, acquires and develops low risk oil and natural gas exploration and development opportunities throughout the Americas. The Company's innovative strategy involves targeting overlooked or under-developed reserves that are under the radar of multinational oil companies and out of the reach of small independents.

Radial Energy has rapidly assembled an impressive portfolio of oil and gas plays including working interests in two separate oil and gas prospects located in Cherokee County, Texas, as well as in the Block 100 oil project located within the Huaya Anticline area in the Ucayali Basin of eastern Peru. The Company has also executed a Letter of Intent to acquire rights to explore and develop oil reserves on the Bosques Block play located in the prolific Middle Magdalena Valley of Colombia. The Company targets prospective oil and natural gas opportunities in historically productive regions with a primary focus on identifying previously drilled but undeveloped exploratory wells that, due to factors at the time of initial drilling including the absence of pipeline infrastructure, lack of modern recovery technology, poor geological or engineering interpretation or low oil and gas prices, were not fully exploited.

Radial Energy is led by a highly motivated team of industry veterans with proven expertise in North, Central and South American oil and natural gas development. Bolstered by first-rate management, farsighted acquisitions, the speed and agility to take advantage of changing market conditions, a firm commitment to building value for shareholders and the growing demand for energy worldwide, Radial Energy is taking maximum advantage of a tremendous opportunity to develop overlooked and under-developed oil and gas reserves in North and South America.

Forward-Looking Statements

Except for statements of historical fact, the information presented herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements include the statements regarding the Company's expectations, hopes or intentions regarding the future. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include the ability to successfully drill and complete wells such as the Huaya 100-1X well, general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund future operations, and changes in consumer and business consumption habits and other factors over which Radial Energy Inc. has little or no control.

Radial Energy Inc.

G. Leigh Lyons, President

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