Zapata Energy Corporation

Zapata Energy Corporation

December 15, 2008 17:11 ET

Zapata Provides Update on Deep Well

CALGARY, ALBERTA--(Marketwire - Dec. 15, 2008) - Zapata Energy Corporation (TSX VENTURE:ZCO) is pleased to provide an update on the progress of its previously reported 4,100 meter deep Gold Creek exploratory well.

At present the well is at approximately 3,000 meters and is expected to encounter the first of the primary zones of interest before year end.

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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