2009-08-19-2007-02-01

Property exchange

Granby Oil and Gas Plc, London, (London: GOIL) and Dana Petroleum (E&P) Ltd., a subsidiary of Dana Petroleum, London, (London: DNX) plan to exchange North Sea properties. Granby has acquired a 5% interest in the Monkwell Field in UK Block 42/29a in the Southern North Sea and Dana Petroleum plans to acquire a 13.5% interest in Block 42/28c where a well is currently being drilled on the Watling prospect. Granby will retain a 19.83% interest (15.83% net) in Block 42/28c. Granby's interest in the Monkwell Field is not dependent on Dana Petroleum's exercise of its acquisition option. Granby managing director David Grassick says, "Should Watling also prove to be a gas discovery, then it could be developed jointly with the adjacent Monkwell Field, with the potential for cost and risk reduction." Granby recently acquired the additional interest in the Watling prospect.