Kroes Energy Inc. is a junior oil and gas company headquartered in Calgary, Alberta, Canada and is listed on the TSX Venture Exchange. The Company sold its interest in a Ukrainian joint venture on August 1, 2007 and during 2007, continued to expand its exploration program for shallow gas in western Canada. Kroes has drilled or acquired 12 wells in central Alberta and has 11 wells capable of production. The Company has a strong management team with extensive international experience. Shares trade on the TSX Venture Exchange under the symbol KRS.

In 2008 Kroes will continue to embark on exploration and development activities in western Canada through a Joint Venture in Alberta. The operating partner in the Joint Venture is a private company that has achieved considerable success in developing shallow gas reserves and has an excellent land base in the region.

Effective January 12, 2008 Kroes Energy Inc. sold its 25% interest in the Icacos Block, Cedros Peninsula, Trinidad for US$250,000. In addition, Kroes has retained a 1% overriding royalty on any production from the Block that may be developed below 4,000 feet, subject to a cap of US$1 million. For the nine months to September 30, 2007 Kroes share of existing shallow production from the block averaged five barrels of oil per day and operating cash flow amounted to approximately $6,000.

The proceeds from the sale will be dedicated to Kroes’ shallow gas program in western Canada where it is expected that the Company will participate in drilling up to ten wells during 2008. Production from this program in December 2007 amounted to approximately 100 barrels of oil equivalent per day.

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