Warrior Energy N.V.
TSX VENTURE : WEN

Warrior Energy N.V.

March 16, 2009 19:30 ET

Warrior Energy N.V. Announces Macquarie Bank Notice of Default

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 16, 2009) - Warrior Energy N.V. ("Warrior") (TSX VENTURE:WEN) announces that Macquarie Bank Limited ("Macquarie"), which arranged with one of Warrior's wholly-owned subsidiaries, Warrior Energy Holdings Inc. ("Warrior Holdings"), a US$50,000,000 Secured Credit Facility in July 2008 (see news release dated July 24, 2008), has delivered a Default Notice to Warrior Holdings dated March 12, 2009 under the Secured Credit Facility. The default cites various issues including Warrior Holdings' production and cash flows being lower than required. Warrior Holdings' production and cash flow were lower than anticipated as a result of operator imposed well shut-ins and lower realized commodity prices.

Macquarie's Default Notice letter states that they are not, at this time, taking action to exercise any rights or remedies available to them under the Credit Agreement or any of the other Loan Documents as a result of the events of default cited.

Warrior Holdings is in discussions with Macquarie about repayment of the remaining amount owing of the US$4,000,000 originally drawn under the facility.

About Warrior Energy N.V.

Warrior is an emerging junior oil and gas exploration and production companies primarily focused on identifying and exploiting large-scale natural gas opportunities.

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

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