Zapata Energy Corporation

Zapata Energy Corporation

March 13, 2009 09:00 ET

Zapata Energy Corporation: 2008 Reserve Report

CALGARY, ALBERTA--(Marketwire - March 13, 2009) - Zapata Energy Corporation (TSX VENTURE:ZCO) is pleased to announce that Sproule and Associates Ltd. have completed their evaluation of Zapata's reserves as at December 31, 2008. The net present value of proved plus probable reserves at December 31, 2008 was $176 million, 8.2% higher than the $163 million reported as at December 31, 2007.

A summary of the reserve report follows:

Gas Oil NGL Barrels of
from all from all from all Oil Net Present Value of
Gross sources sources sources Equivalent Reserves Discounted at
Reserves(1) (mmcf) (mbbl) (mbbl) (mboe) 10% before tax ($000)
Proved 18,153 2,499 367 5,892 $122,945
Probable 8,939 1,299 153 2,941 $53,084
Proved plus
Probable 27,092 3,798 520 8,833 $176,029
(1) Includes 31 mboe not reported on by Sproule, sold for $650,000. Reserve
reporting in accordance with NI 51-101 will be released in April along
with the company's financial statements and AIF.

Points of Significance

- Reserve life index 7.1 years

- Proved Reserves account for 67% of total reserves

- Maintained 50% gas and 50% oil and liquids.

- Net present value increased 8.2% to $176 million

- Gross Reserves increased to 8.8 million barrels.

- The reserves incorporate Alberta's new royalty framework but no additional incentive measures announced or that may be announced after December 31, 2008.

- The change in reserves was the result of successful drilling in East-Central and Southeast Alberta and the Silver waterflood initiated in late 2008.

- Continued positive response of the Silver waterflood is expected to improve recovery factors and therefore boost corporate reserves significantly in 2009.

Deep Well Update

The company has received EUB approval for its planned completion program and has initiated the evaluation of multiple zones in the deep well test.

Zapata presently has 18 million shares outstanding on a fully diluted basis. Zapata is a junior oil and gas production company operating in western Canada and trades on the TSX Venture Exchange under the symbol "ZCO."

This press release may include forward-looking statements which are statements other than of historical fact, such as information regarding drilling potential and production forecasts. Factors that could cause actual results to differ materially from our expectations include exploration and development risks, commodity prices and operating hazards. A barrel of oil equivalent (boe), derived by converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil, may be misleading, particularly if used in isolation. A boe conversion is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

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