SOURCE: Turner Valley Oil and Gas Inc.

May 26, 2005 09:00 ET

Turner Valley Announces Update on Win Energy's Program and Current Financing

CALGARY, AB -- (MARKET WIRE) -- May 26, 2005 -- Turner Valley Oil and Gas (OTC BB: TVOG) is pleased to announce the recent update provided by Win Energy on their current drill program.

The Cowley Prospect

Well 8-29-8-1W5

On April 14th, 2005, Petro-Canada (50%) as operator and Win (50%) spudded 8-29-8-1W5. Drilling has been completed. This well is subject to tight hole status. This well has been cased and logged. Testing should commence later this month.

Well 1-29-7-1W5

Recently Win was invited to participate in a farm-in on Petro-Canada's section 29, which is immediately north of their major discovery in 6-20-7-1W5. After review of seismic and technical data, Win accepted the farm-in. Win will pay 75% of drilling and completion for a 40% working interest in the 1-29-7-1W5 well. Petro-Canada is operating this well and we expect it to commence drilling later this month.

Well 10-17-7-1W5

Win owns 75% of section 17-7-1W5 which is immediately south of Petro-Canada's major discovery in 6-20-7-1W5. 6-20-7-1W5 came off tight hole status in 2004 and economic evaluations show a potential initial production of 1,000 BOE/Day. Win (75%) and Petro-Canada (25%) have agreed to drill 10-17-7-1W5 after drilling is completed on 1-29-7-1W5. Win will operate this drilling program.

Well 13-9-8-1W5

Win controls 100% of section 9-8-1W5, which is immediately east of Win's 8-8-1W5 (100%). Currently Win is looking for a joint venture partner to reduce Win's Working interest in this well. Win anticipates drilling 13-9-8-1W5 this summer.

The Todd Creek Prospect

Well 13-28-9-2W5

Win owns 82.5% of 6-33-9-2W5, which is estimated to have potential initial production of 100BOE/Day. 13-28-9-2W5 is located immediately south of 6-33-9-2W5. On May 6th, 2005, Win (70%), as operator, spudded 13-28-9-2W5. Total depth was reached on May 18th. This well is subject to tight hole status. Win has run logs and the well has been cased.

Hillspring Prospect

Our partner in this property (Talisman) is currently drilling and evaluating several wells in this prospect. Drilling of our property will follow this Talisman program.

Win Energy's Financing Update

WIN Energy has now closed 2 of 3 tranches of its $25 million dollar plus financing with the use of proceeds designated to WIN's summer and fall drilling program. Complete information will be made public when the 3rd and final tranche closes on or about June 3, 2005.

Use of Financing (From Inception-to-date)
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Description                                  Cash inflow/(outflow)
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2004 Private Placement (Net Proceeds)           $ 7,341,000
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2005 Private Placement (Net Proceeds)           $21,131,000
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Equipment and Furniture Expenditures            $   (21,000)
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Cowley Expenditures                             $(4,212,000)
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Pincher Creek Expenditures                      $  (335,000)
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Turner Valley Expenditures                      $  (84,000)
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Todd Creek Expenditures                         $(2,241,000)
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Hillspring Expenditures                         $   (65,000)
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Current Cash on Hand (less accruals)            $21,514,000
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Planned Capital Expenditures for the Next Three Months
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Area           Location     Description          Win's Net Expenditures
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Cowley         1-29         Drill and Case       $2,138,000
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Cowley         10-17        Drill and Case       $2,138,000
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Cowley         13-9         Drill and Case       $2,400,000
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Todd Creek     13-33        Drill and Case       $  908,000
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Todd Creek     7-16         Deepen               $  350,000
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Various        Various      Seismic              $  932,000
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Cowley                      Plant Engineering    $  100,000
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Cowley/Todd                 PL Routing           $  100,000
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                                                 $9,066,000
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WIN ENERGY ON GOING PUBLIC

Listing applications for the Toronto Stock Exchange and a preliminary prospectus are currently being drafted by WIN's legal and Geologic Advisors and it is anticipated that the prospectus and the application for listing will be completed by September of 2005. WIN Energy has committed to apply for a listing of its shares on the TSE by November of this year.

To summarize the drill program

All of Win's current targets are offsetting existing wells or boreholes by less than one mile. With the addition of seismic data and expertise, Win has generated seismic models on the Cowley and Todd Creek prospects, which are modeled after anomalies on existing wells. Our current locations are analogous to these seismic models. These factors significantly reduce the drilling risk on our summer program.

With success on the summer's drilling program, Win will move into a multi-well program to develop its dominant land representation on the Cowley and Todd Creek prospects.

Turner Valley, being a significant shareholder of WIN Energy, is very pleased with the continued progress of WIN Energy's drill program, and Turner Valley looks forward to providing continuing input regarding the summer and fall drilling program by WIN Energy. Turner Valley continues to enjoy substantial accretive value to its substantial stock position in WIN Energy.

WIN Energy now has a website; visit www.winenergycorp.com.

ABOUT TURNER VALLEY OIL AND GAS INC.

Turner Valley Oil and Gas is an emerging oil and gas company focused on exploration for, development drilling for, and transmission facilities for the production and sale of oil and gas. Turner Valley Oil and Gas is focused on increasing production by means of continuing acquisitions, development projects and exploration drilling within a joint venture framework.

FORWARD-LOOKING STATEMENT

This release may contain forward-looking statements within the meaning of the "safe harbour" provision of the Private Securities Litigation Reform Act of 1996, regarding Turner Valley Oil and Gas Inc.'s business or financial condition. Actual results could differ materially from those described in this news release as a result of numerous factors, some of which are outside the control of the Company.

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