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Exall Energy Corporation: Exall Energy Announces Marten Mountain Drilling Results

^{Published on 2008-11-17 13:10:06 - Market Wire}
 

CALGARY, ALBERTA--(Marketwire - Nov. 17, 2008) - Exall Energy Corporation ("Exall Energy" or the "Company") (TSX:EE) announces the completion of the drilling phase of the first development well planned for the fourth quarter of 2008:

Highlights

- The first of two Q4 horizontal wells has been drilled to total depth and will be completed for oil production,

- Encountered 160 metres of sandstone with good porosity and hydrocarbon indications,

- Service rig to move in immediately for completion and testing,

- The second Q4 well is currently drilling below surface casing.

Marten Mountain, AB

The first of two horizontal development wells planned for the Marten Mountain property in the fourth quarter of 2008 has been drilled to total depth and will be completed for oil production. The 2-2-75-6W5 HZ well encountered a total of 160 metres of reservoir quality sand with good indications of porosity and hydrocarbon shows.

The 2-2 well is located 1.5 kilometers to the southwest and down dip of the 102/14-1 horizontal discovery well announced by Exall in March of 2008. The drilling rig is currently being moved off of the 2-2 well site to allow for the completion and testing of the well for oil production.

The second well of the Q4 program has also spud and is currently drilling below surface casing. Results from the 7-12-75-6W5 HZ well are expected in early December.

Reader Advisory

This news release contains forward-looking statements, which are subject to certain risks, uncertainties and assumptions, including those relating to results of operations and financial condition, capital spending, financing sources, commodity prices and costs of production. By their nature, forward-looking statements are subject to numerous risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, actual results may differ materially from those predicted. A number of factors could cause actual results to differ materially from the results discussed in such statements, and there is no assurance that actual results will be consistent with them. Such factors include fluctuating commodity prices, capital spending and costs of production, and other factors described in the Company's most recent Annual Information Form under the heading "Risk Factors" which has been filed electronically by means of the System for Electronic Document Analysis and Retrieval ("SEDAR") located at [ www.sedar.com ]. Such forward-looking statements are made as at the date of this news release, and the Company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law.

About Exall

Exall Energy Corporation is a junior oil and gas company active in its business of oil and gas exploration, development and production from its properties in Alberta, British Columbia and Texas. Exall is currently developing a new oil discovery in north-central Alberta which will add significant production over the next six months. The Company's common shares are listed on the Toronto Stock Exchange under the trading symbol EE.

Please visit Exall Energy's website at: [ www.exall.com ].