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Turnkey E&P's W. Cox No. 1 Well Tests Oil and Gas

Turnkey E&P's W. Cox No. 1 Well Tests Oil and Gas

HOUSTON, TEXAS -- (MARKET WIRE) -- 03/02/07 -- Turnkey E&P Corporation ("Turnkey"), a wholly owned subsidiary of Turnkey E&P Inc. (TSX: TKY), announced today that its W. Cox No. 1 well discovered oil and natural gas from the Cockfield formation at Clear Creek Field in Beauregard Parish, Louisiana. The W. Cox No. 1 is the first well drilled in the field since Turnkey initiated a redevelopment program in the fourth quarter of 2006. The well tested 595 barrels of oil per day, 1.1 million cubic feet of gas per day and no water on a 14/64" choke with flowing tubing pressure of 1,996 psi for two (2) hours from 18 feet of perforations. The well averaged 435 barrels of oil per day, 881 thousand cubic feet of gas per day and no water on a variable choke from 14/64" to 12/64" with flowing tubing pressure of 2,005 psi over a 12-hour period. The well was drilled to a total depth of 9,590 feet and logged multiple pay sands in the Cockfield formation. Turnkey plans to perform a build-up test following the flow test and explore marketing options to sell natural gas.

John Y. Jo, Turnkey's President, commented, "This well represents a significant step in our strategy to identify and exploit bypassed pay zones in mature fields while applying Casing Drilling® technology through the use our purpose-built drilling rigs," said. "The Casing Drilling® process yielded excellent borehole conditions and contributed to good cementing results."

"Additional drilling locations for various Cockfield reservoirs are confirmed by the success of this well," Jo said. "We have already commenced the drilling of the second well in the field with an ongoing development drilling program to follow. Regulatory and Unitization issues are being addressed in order to formulate the strategy for the development plan."

Turnkey has leased or optioned approximately 5,260 acres in the project area and has also entered into a farm-out agreement for an additional 2,800 acres in the Hurricane Creek Field approximately two (2) miles to the north. Turnkey owns a 100% working interest in the W. Cox No. 1 well and the project area. Turnkey's average net revenue interest in the project area is 74%.

Turnkey is an independent oil and gas company that is focusing its oil and natural gas acquisition, exploitation, development and production activities in the continental United States using Casing Drilling® technology. Casing Drilling® is a registered trademark of Tesco Corporation. Additional information about Turnkey can be found at its website: www.turnkeyep.com.

This release and the Company's website referenced in this release contain forward-looking statements including expectations of future production and components of cash flow and earnings. Investors are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Turnkey. These risks include, but are not limited to; the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to; operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, health and safety risks including, without limitation, blowouts and spills, and the uncertainty of estimates and projections of production, costs and expenses. The risks outlined above should not be construed as exhaustive. Investors are cautioned not to place undue reliance on any forward-looking information. Turnkey undertakes no obligation to update or revise any forward-looking statements except as required under applicable securities laws.

Contacts:
Turnkey E&P Inc.
Dale W. Bossert
President and Chief Executive Officer
(403) 828-5720

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