TEX.A Texalta Petroleum Ltd.

Texalta Petroleum Ltd. ("Texalta") (TSX VENTURE:TEX.A) wishes to advise
shareholders that the drilling phase of its 3 well program in Saskatchewan is
finished.


The first well in the series located in the Wildwood project area was drilled to
a depth of 1532 meters. This outpost well was located on a small structure in
the northwest part of the prospect area. The structure was found to be lower
than expected and does not contain the oil column seen in the producing
structure one mile to the southeast. The well was dry and abandoned.


At West Queensdale the second well in the series, the Petrex et al Queensdale W.
HZ 2D7-35 /1C15-26-6-2 W2 was drilled to a depth of 1858 meters. This well
encountered three intervals of oil saturated reservoir rock in the Kisbey
formation.


The third well, also at West Queensdale, the Petrex et al Queensdale W. 2HZ
1A9-25/2C1-25-6-2 W2, was drilled to a depth of 1819 meters, encountered oil
saturated reservoir in the Alida formation.


The West Queensdale wells will be completed as soon as possible after the
removal of the drilling rig from the last location which should take place by
June 3, permitting the installation of a service rig for completion.


TEX.A is a Calgary based company engaged in the exploration, acquisition and
development of prospective oil & gas properties in Saskatchewan and Alberta,
Canada. The company's wholly owned subsidiary, Texalta Australia Pty. Ltd. holds
a 50 percent working interest in two exploration permits covering in excess of
5.5 million acres of prospective land in the Georgina Basin, Northern Territory,
Australia.

Texalta Petroleum Ltd. (TSXV:TEX.A)
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Texalta Petroleum Ltd. (TSXV:TEX.A)
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