Texalta Petroleum Ltd.

Texalta Petroleum Ltd.

December 17, 2007 15:13 ET

Texalta Petroleum Ltd.: South Queensdale Results

CALGARY, ALBERTA--(Marketwire - Dec. 17, 2007) - Texalta Petroleum Ltd. ("Texalta") (TSX VENTURE:TEX.A) would like to advise Shareholders on the results of drilling at South Queensdale where Texalta is a 50 percent partner and operator.

The 3-11-6-1 W2 well encountered oil stained Alida porous limestone in the interval 1179 m to 1186 m, which during drilling produced a mud gas response. Upon testing, this interval produced mostly water and therefore the well will be abandoned. It is considered likely that oil from the zone in the 3-11 has migrated updip to the wells producing in the northwest in section 10 which have been producing since 1964.

Texalta's share of the cost of this well will range around $250,000 upon abandonment.

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.

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