Texalta Petroleum Ltd.

Texalta Petroleum Ltd.

November 20, 2007 12:13 ET

Texalta Petroleum Ltd.: Saskatchewan Drilling to Commence, Australian Update

CALGARY, ALBERTA--(Marketwire - Nov. 20, 2007) - Texalta Petroleum Ltd. ("Texalta") (TSX VENTURE:TEX.A) is pleased to announce that drilling operations will commence at South Queensdale on the 3-11-6-1 W2 vertical well on Thursday November 22, 2007. Operations have been delayed due to environmental concerns by government officials concerning native prairie protection.

A second vertical well at North Willmar at 6-28-6-2 W2 will start upon the completion of the South Queensdale well.

A geologic discussion of these wildcat prospects is available on the website at www.texalta.com.

Further to our October 29, 2007 announcement regarding a Farmout of the Australian acreage, Texalta advises that final documentation being completed by our lawyers is expected in approximately two weeks and the first payment of $500,000 required under the LOI has been made.

TEX.A is a Calgary based company engaged in the exploration, acquisition and development of prospective oil & gas properties in Saskatchewan and Alberta, Canada. The company also holds a 100 percent working interest in two exploration permits covering in excess of 5.5 million acres of prospective land in the Georgina Basin, Northern Territory, Australia.

This press release may include certain forward-looking statements. 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.

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

Contact Information