CALGARY, March 31 /CNW/ - Verenex Energy Inc. ("Verenex" or the "Company") (TSX - VNX) advises it has filed its Annual Information Form ("AIF") for the year ended December 31, 2008 on the System for Electronic Document Analysis and Retrieval ("SEDAR") and provides an update on Libya operations.

2008 AIF Filed on SEDAR

The Company has filed its AIF dated March 31, 2009 for the year ended December 31, 2008 on SEDAR. The AIF contains the Company's Statement of Reserves Data and Other Oil and Gas Information as required under National Instrument 51-101. A copy of this document can be found on the SEDAR website at www.sedar.com.

Libya Operational Update
I1-47/02 NFW Exploration Well Confirmed as Oil Discovery

The Company is pleased to confirm that the I1-47/02 new field wildcat ("NFW") exploration well is an oil discovery based on completion of successful flow testing. The I1 discovery is the Company's eleventh confirmed oil and gas discovery in Area 47 since drilling began in September 2006.

The I1-47/02 well (well No. 16) was drilled and cased to a depth of 10,925 feet in the Memouniat Formation. It is the first well drilled in the Central 3D seismic survey area in the north-western part of Block 2 approximately 6.5 kilometres south of AGOCO's G1-NC02 oil and gas discovery drilled in 2001. Approval to drill the I1 well and to classify it as a NFW exploration well was received from the NOC after the Company agreed to carve out a discovery area from Area 47 around the pre-existing G1-NC02 well.

The Company carried out extended flow tests on the I1 well from a 44 foot perforated interval in the Memouniat Formation and a 40 foot perforated interval in Basal Sand 3 in the Lower Acacus Formation. The tests yielded a combined maximum measured flow rate, as restricted by test equipment capability, of approximately 3,354 bopd (gross) of light sweet crude oil and 6.8 mmcf/day (gross) of natural gas through choke sizes on particular intervals ranging from 64/64ths to 80/64ths inch. Measured API gravity of the crude oil ranged from 39 to 43 degrees.

At the request of the NOC, and consistent with earlier test protocols, flow rates were also measured through a smaller more restrictive choke size of 32/64ths inch which yielded oil and gas flow rates of 2,100 bopd and 3.2 mmcf/day (gross), respectively.

J1-47/02 NFW Exploration Well Confirmed as Oil Discovery

The Company is pleased to confirm that the J1-47/02 NFW exploration well is an oil discovery based on completion of successful flow testing. The J1 discovery is the Company's twelfth confirmed oil discovery in Area 47.

The J1-47/02 well (well No. 17) was drilled and cased to a depth of 11,420 feet in the Memouniat Formation. It is located in the southern part of Block 2 approximately 6.0 kilometres northeast of the Company's A1-47/02 oil discovery and 3.0 kilometres west of the F1-47/02 oil discovery. The J1 well was drilled on a four-way dip closed structure identified on the South 3D seismic survey. The pre-drill prognosis indicated some potential that the structure could be a northeast extension to the A1-47/02 field.

Extensive formation evaluation results indicated the presence of hydrocarbons in two sand intervals in the Lower Acacus Formation (Basal Sand 1 and Upper Shoreface). In Basal Sand 1, the results indicated a thick oil column of approximately 66 feet with an underlying water oil contact that is at a different subsea depth than the contacts found in the A1-47/02 field and F1-47/02 well suggesting that the J1 structure may be isolated. Basal Sand 1 contains the majority of the contingent resources in the A1 field and in other fields in the southern part of Block 2.

The Company carried out extended flow tests on the J1 well from a 55 foot perforated interval in Basal Sand 1 in the Lower Acacus Formation and a 10 foot perforated interval in the Upper Shoreface in the Lower Acacus Formation. The tests yielded a combined maximum measured flow rate, as restricted by test equipment capability, of approximately 7,307 bopd (gross) of light sweet crude oil and 6.5 mmcf/day (gross) of natural gas through choke sizes on particular intervals ranging from 32/64ths to 96/64ths inch. Measured API gravity of the crude oil ranged from 37 to 40 degrees.

At the request of the NOC, and consistent with earlier test protocols, flow rates were also measured through a smaller more restrictive choke size of 32/64ths inch which yielded oil and gas flow rates of 3,605 bopd and 1.7 mmcf/day (gross), respectively.

To-date, 12 NFW exploration wells and two appraisal wells have tested at a maximum aggregate rate of approximately 109,981 bopd of oil and 106 mmcf/day of natural gas (gross).