Verenex Energy Inc. provide the following update of its seismic and drilling operations in Libya.

The Company continues to make excellent progress with its exploration program in Area 47 and is on track to achieve its target to spud up to seven wells in 2007. Five wells have been drilled to date since September 2006 (one well having been drilled in 2006) of which three wells have been fully flow tested, a fourth well is currently flow testing and a fifth well is cased and awaiting flow testing. A sixth well is currently drilling and a seventh well is expected to spud by early October with the Company's second contracted drilling rig.

East 3D Seismic Survey 39% Complete

The 1,225 square kilometre East 3D seismic survey commenced at the end of July 2007 and is approximately 39% complete. The survey crew started in the north section and is working south. The 3D area encompasses more than 20 prospects and leads identified from the 2D seismic acquisition program completed in 2006, including the B1, C1, D1 and E1-47/02 wells drilled by the Company in 2007.

The acquisition phase of the East 3D seismic survey should be completed by the end of 2007 and processed and interpreted results should be available in the second quarter of 2008. However, it is planned to process and interpret the northern section of the survey (approximately 40% of the total) by year-end 2007 to guide potential drilling in this area in early 2008.

D1-47/02 Well Currently Flow Testing

The D1-47/02 new field wildcat exploration well, located approximately 5.3 kilometres northeast of the nearest well B1-47/02, was drilled and cased to a depth of 9,720 feet and found indications of multiple hydrocarbon-bearing sandstone reservoirs in the Lower Acacus, Middle Acacus and Aouinet Ouenine Formations as confirmed by shows during drilling, logs and other formation evaluation results including recovered fluid samples.

The well is currently being flow tested with the service rig and two of five planned intervals, both in the Lower Acacus Formation, have been tested. Delays are being experienced due to a "fishing" operation currently underway to recover stuck tubing in the well which could extend the program to early October. The original plan was to flow test up to five reservoir intervals from 244 feet of perforations. If fishing operations are unsuccessful then two of the remaining three intervals, representing 65 feet of perforations in the Lower Acacus and Middle Acacus Formations, would not be flow tested. However, the Company completed an extensive formation evaluation program over these intervals and good quality logs, pressure gradients and fluid samples are available to support future resource assessments.