Maple Energy provides an update on its reserves, resources and exploration programme.

Maple is currently mobilizing its 2000 horsepower, heli-transportable diesel electric drilling rig to the Santa Rosa 1X well-site in Block 31-E. The base camp at the well-site has been completed, and the drilling location is prepared to start receiving the Rig as early as next week. The Company delayed the commencement of drilling the Santa Rosa 1X prospect because of rig delivery delays, new seismic information being made available and significant rainfall levels in the region. Maple now expects to spud the Santa Rosa 1X well in May of this year.

Each of the Company’s 2008 and 2007 Competent Person’s Report was prepared by Netherland, Sewell & Associates, Inc. (NSAI), Maple’s independent reserve engineer. All of the year-end reserve information contained in the Report was independently engineered by NSAI in accordance with the definitions and guidelines set forth in the 2007 Petroleum Resources Management System approved by the Society of Petroleum Engineers.

Maple’s year-end gross oil reserve amounts decreased from 5,309 Mbbls as of 31 December 2007 to 4,750 Mbbls as of 31 December 2008. The decrease in the gross oil reserves is largely a result of Maple’s production during 2008, producing well and workover programme performance, reserve reclassifications based on current factors (including current commodity prices), and reduced life of reserves estimates. These decreases in gross reserves were partially offset by an increase in reserves due to the re-activation of the Pacaya field and other drilling activities.

Maple’s 2008 year-end gas reserves and fractional plant liquids reserves all experienced a reduction in total reserve amounts as compared to year-end 2007 figures. These decreases, relatively slight relative to Maple’s overall reserve profile, were largely a result of the Company’s 2008 production, producing well performance and reduced life of reserves estimates.

Rex Canon, CEO of Maple Energy, said, “We are pleased to announce further progress to our exploration programme and the drilling of our Santa Rosa prospect in Block 31-E. The mobilisation of our new rig to the well-site, following the successful completion of our previously announced sale-leaseback financing of this asset, reflects another important step in executing on one of Maple’s core business strategies.

We believe our year-end estimated reserve and resource information will reflect Maple’s strong foundation of hydrocarbon reserves with significant resource potential which we remain committed to developing to maximise value for our shareholders.”

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