CALGARY, March 18 /CNW/ - Verenex Energy Inc. ("Verenex" or the "Company") (VNX - TSX) announces that it is unable to confirm or deny reports on various news services this morning that Libya plans to buy Verenex. As previously announced, the proposed sale of Verenex is subject to certain consents from the Libyan National Oil Corporation (the "NOC"). Verenex has requested such consents from the NOC but no formal decision has yet been communicated to the Company.

About Verenex

Verenex is a Canada-based, international oil and gas exploration and production company with a world-class discovered resource base and exploration portfolio in the Ghadames Basin in Libya. Under the EPSA terms for Area 47, Verenex is the operator and holds a 50% working interest in the initial 5-year Exploration Period which reduces to 25% for any commercial developments retained in a subsequent 25-year Exploitation Period. These working interest levels reflect the Company's required share of capital funding during the periods. In any commercial development scheme, Verenex would fund 25% of capital expenditures and 6.85% of operating costs and receive an initial production allocation (free of all taxes and royalties) of 6.85%. A more complete description of the Area 47 contract terms is included in the Company's various filings on www.sedar.com.

Forward-Looking Information and Statements

This press release contains forward-looking statements. These statements are based on current expectations and are subject to a number of risks and uncertainties that could materially affect the results. These risks include, but are not limited to: risks associated with obtaining regulatory approvals; the uncertainty associated with negotiating with governments; and the risk associated with international activity. Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors in the company's securities should not place undue reliance on these forward-looking statements.

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