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CALGARY, ALBERTA--(Marketwire - Nov. 18, 2009) - Exall Energy Corporation (TSX:EE) ("Exall" or the "Company") is pleased to provide the following interim year update of its reserves report dated December 31, 2008 (the "AJM Reserves Report"). The updated evaluation was prepared on the Mitsue property as an NI51-101 compliant evaluation by AJM Petroleum Consultants Ltd. ("AJM") as at November 1, 2009 (the "Update") and should be read in conjunction with the AJM Reserves Report.

Reserves

During 2009, Exall has made significant increases to its total reserves at its Marten Mountain property located in the Mitsue Gilwood A Pool, Alberta. Additionally, Exall's net present value (10% discount rate, before taxes using the AJM price forecast effective September 30, 2009) attributed to the Mitsue property increased significantly due to increased reserves. The values in the Update represent only those values attributable to the Mitsue property.

Highlights of the economic adjustment contained in the Update include:

• Adjusted Company reserves at Mitsue are 660.2 Mboe Total Proved (TP) and 1,597.0 Mboe Total Proved plus Probable (P+P).
• To November 1, 2009 Exall added 169.5 Mboe of TP reserves and 569.1 Mboe of P+P reserves.
• The adjusted Net Present Value (NPV) of the P+P reserves at Mitsue is $37.9 million, discounted at 10 percent, before tax, utilizing the AJM price forecast effective September 30, 2009 (See Note 1 below).

Mitsue Area Reserves:
Total Proven Proven and Probable

Note: 1. The estimated values disclosed do not represent fair market value.

The information included in this release is a summary of certain sections of the Update. AJM prepared the Update to be read in conjunction with the AJM Reserves Report and in accordance with National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). The AJM Reserves Report containing all information required under NI 51-101 was included with the Corporation's year end filings which were filed on SEDAR ([ www.sedar.com ]) as well as on Exall's website. Barrel of Oil Equivalent ("BOE") amounts were calculated using a conversion rate of 6 Mcf of natural gas to 1 barrel of oil.

Discussion

Through the 10 months ended October 2009, Exall was able to increase its Mitsue property total proved reserves to 660.2 Mboe (35% increase) and its proved plus probable reserves to 1,597.0 (55% increase) based on forecast prices and costs. As a result of the significant increase to the reserves, the net present value of Exall's proved plus probable reserves attributed to the Mitsue property has increased by 86% from the values in the AJM Reserves Report. The increase in reserves is attributed to improved understanding of reservoir parameters and expected well performance from additional production history and application of material balance reservoir engineering principles. Exall will continue to exploit the Marten Mountain property with a multi-well drilling program through the coming winter drilling season, the first well of which is expected to spud after freeze-up.

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 at Marten Mountain in north-central Alberta.

The Company currently has 45,921,227 common shares outstanding. The Company's common shares are listed on the Toronto Stock Exchange under the trading symbol EE.

Reader Advisory

The Mechanical Update to the AJM Reserves Report was not prepared for use in filing with any regulatory body.

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.

For the purposes of calculating unit costs, natural gas has been converted to a barrel of oil equivalent (boe) using 6,000 cubic feet equal to one barrel (6:1), unless otherwise stated. The boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method and does not represent a value equivalency; therefore boe may be misleading if used in isolation. This conversion conforms to the Canadian Securities Regulators' National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.