Verenex Energy Inc. announced on Tuesday the results of a third party assessment of oil and gas contingent and prospective resources in Area 47 in Libya.

"DeGolyer and MacNaughton ("DM") has completed an initial assessment of oil and gas resources in the Company's portfolio of discoveries and exploration prospects in Area 47 effective February 1, 2008. The assessment conforms to Canadian Securities National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities.

Gross contingent (discovered) and prospective (undiscovered) oil and gas resources in Area 47 are expressed in the tables below as a range of estimates," a statement said.

In summary, the aggregate of DM's best estimate of gross contingent resources and risked mean estimate of gross prospective resources is approximately 1.6 billion barrels of oil equivalent, it said.

The DM best estimate of Area 47 gross contingent oil resources discovered in the Lower and Middle Acacus Formations is approximately 340 million barrels.

This estimate is based on results from seven exploration and appraisal wells (six discoveries at A1, B1, C1, D1, E1 and F1-47/02 and one appraisal well A2-47/02) drilled by Verenex in Block 2 in the southern part of Area 47.

The best estimate of gross contingent raw gas resources discovered in the Lower Acacus and Middle Acacus Formations is approximately 342 billion cubic feet.

On an oil equivalent basis, the best estimate of gross contingent resources is approximately 396 million barrels
.