Verenex Energy Inc.

Verenex Energy Inc. (Verenex) is a Canada-based international oil and gas exploration and production company. The Company's core asset is a 50% operated working interest in Area 47 in the Ghadames Basin in northwest Libya. The Company also holds oil and gas assets in France with beneficial interests ranging from 22.5% to 95% in various properties in the Paris and Aquitaine basins operated by Vermilion Rep SAS (VREP), an affiliate of Vermilion Energy Trust (Vermilion). Area 47 covers a total of 82 square kilometres. Verenex is the operator with a 50% working interest and Medco International Ventures Limited holds the remaining 50%. During the year ended December 31, 2007, the Company completed the acquisition phase of a 1,225 square kilometre three dimension (3D) seismic survey in the eastern part of Area 47. At December 31, 2007, Verenex had completed the drilling of nine wells, including six new field wildcat exploration wells and three appraisal wells.