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Berens Energy Ltd. (“Berens”) is a growth-oriented oil and natural gas exploration and production company with concentrated production and land bases in the Pembina, Lanfine, and Deep Basin regions of Alberta.

•	Drilling - In the key growth areas of Pembina (12 wells) and the Deep Basin (4 wells), Berens achieved 100 percent drilling success. Overall in 2007, 29 (17.6 net) wells were drilled with 23 (13.5 net) natural gas wells, 2 (2.0 net) oil wells and four (2.1 net) unsuccessful wells for a net success rate of 86 percent.
•	Reserves - working interest proved plus probable reserves as at December 31, 2007 were 9,016,000 boe, an increase of 16 percent compared to proved plus probable reserves at December 31, 2006. On a per share basis proved plus probable reserves also grew 16 percent.
•	Reserves Additions – Finding and development costs were $12.85/boe including future development capital. Reserves growth came entirely from the successful 2007 exploration and development drilling program. Berens replaced production 2.0 times through the addition of new proved plus probable reserves from the drilling program (net of revisions). The reserve growth in 2007 was accomplished with a net capital program that was funded primarily with cash flow as debt and working capital grew only $3.2 million during 2007.
•	Production - Production volume in 2007 averaged 3,728 boe/d, up 11 percent compared to 2006. Growth was delivered by new, long life liquids rich natural gas reserves in Pembina and Deep Basin.
•	Production Costs - Production costs averaged $7.55 per boe, down 4 percent compared to 2006. Berens continues to have success in reducing unit operating costs.
•	Funds from Operations - Funds from operations for 2007 was $29.6 million ($0.32 per share), up 32 percent compared to 2006 funds from operations of $22.5 million ($0.26 per share). Higher production in 2007 was complemented by reduced operating costs and higher commodity prices to deliver the increase.
•	Land - Berens total undeveloped land currently stands at 100,000 net acres. Almost all of this land is now owned with little remaining to be earned on farm-ins. Ninety-eight percent of the undeveloped lands are located in our three core areas of Pembina, Deep Basin and Lanfine. The 2008 drilling program is based entirely on Berens’ controlled undeveloped acreage on which there exists an inventory of 100 locations.