BPZ Energy Announces Increases in Oil Reserves at the Corvina Field

BPZ Resources, Inc. (NYSE Alternext US: BPZ) announced today that independent estimates by Netherland Sewell and Associates, Inc. (NSAI) as of December 31, 2008, for gross Proved (1P), Proved + Probable (2P) and Proved + Probable + Possible (3P) oil reserves from the Company’s Block Z-1 Corvina offshore field located in northwest Peru have increased 41%, 78% and 35%, respectively, as compared with the oil reserves reported by the Company as of February 29, 2008. These increases are mostly due to the drilling and test results of well CX11-20XD. NSAI’s reserves report estimated Proved, Probable, and Possible oil reserves based on definitions and guidelines set forth in the 1997 Petroleum Resources Management System approved by the Society of Petroleum Engineers (SPE), as mandated by Natixis and IFC for the financing the Company expects to close soon after the New Year.

Oilexco Provides Financing Update

Oilexco Incorporated ("Oilexco" or "the Company") (TSX:OIL) (LSE:OIL) announced that the Company, The Royal Bank of Scotland PLC ("RBS") and the Company's banking syndicate (together, the "Banks") have agreed the lending of up to $47.5 million to Oilexco repayable on demand with a maturity date of January 31, 2009.

Further to the Company's announcement on November 20, 2008, Oilexco, alongside Morgan Stanley & Co Limited ("Morgan Stanley") and Merrill Lynch International ("Merrill Lynch"), continues to progress the evaluation of a variety of additional financing options and strategic alternatives, and discussions are ongoing with a number of parties concerning a potential investment in the Company or an acquisition of the Company and/or some or all of its assets (the "Potential Transaction"). However, there can be no certainty that any binding offers will be received or accepted or that any Potential Transaction will be completed.

Heritage Oil Announces a Significant New Oil Discovery With the Buffalo-1 Exploration Well in Block 1, Uganda

Heritage Oil Limited (TSX:HOC), an independent upstream exploration and production company, announces a significant new oil discovery with the Buffalo-1 exploration well in Block 1, Uganda. The Buffalo discovery is considered by management to have the potential to exceed, subject to further successful drilling, the discoveries in the Kingfisher field.

Highlights

- The Buffalo-1 discovery has a gross hydrocarbon-bearing interval of approximately 123 metres, with approximately 43 metres of net hydrocarbon pay

Triton's Production Exceeds Year-End Guidance of 1,100 boe Per Day

Triton Energy Corp. ("Triton" or the "Corporation") (TSX VENTURE:TEZ) is pleased to announce that all three (2.5 net) wells scheduled to be tied-in during the fourth quarter are now on production and the Corporation's current net production exceeds it's year-end production guidance of 1,100 barrels of oil equivalent ("boe") per day.

At Newton, Triton has tied-in a 100% working interest dual zone natural gas well. This is the fifth successful well placed on production by the Corporation in the Newton area. Triton has 14 (13.75 net) sections of land at Newton and has identified two additional drilling locations on primary spacing. Current plans are to drill a 100% working interest well on this prospect in January 2009. The location has been selected based on proprietary 2-D seismic and geological mapping and is immediately adjacent to a recently completed Triton owned pipeline.