ISN Insignia Energy Com Npv

Insignia Energy Ltd. ("Insignia" or the "Company") (TSX VENTURE:ISN) provides
the following completion and test results from its Nisku oil well located at
9-01-50-6W5 located on its Crossfire project in Pembina, Alberta and corporate
guidance for the remainder of 2008.


Crossfire 9-01-50-5W5

The Company has participated for a 15% working interest in the completion and
flow test of the 9-01 well which targeted a Nisku seismic anomaly located
approximately two miles from the Operator's producing well at 13-02-50-6W5. The
well was successful with logs indicating a hydrocarbon column of approximately
18 meters in the Nisku formation. During a four hour flow-test, the well
produced at a restricted rate of 846 Bbl/d of 40 API oil and 564 Mcf/d of raw
gas (over 930 boe/d sales) on a 24/64" choke and at a flowing pressure of 740
psi.


The Operator has stated that the geological characteristics and the completion
results are similar to the Operator's oil well located at 13-02-50-6W5. The H2S
concentration in the raw gas from the 9-01 well was 3.5%, which is consistent
with the H2S concentration at the 13-02 well.


The 9-01 well is expected to be on production by the end of the third quarter of
2008. The well's production rate will depend on 9-01 receiving the necessary
pool Maximum Rate Limitation (MRL), Good Production Practice (GPP) and available
capacity at the Operator's existing battery located at 13-02.


Insignia has an interest in approximately 24 sections (22 net) of undeveloped
land in the general Crossfire area. The Company is currently evaluating the
potential of this land base both geologically and geophysical with 34 square
kilometers of existing proprietary 3D seismic data.


Corporate Guidance for the Remainder of 2008

The Board of Directors of Insignia has approved a capital budget of up to $10
million for the reminder of 2008. Over half of these funds are targeted for
facility and equipping expenditures with the balance split between drilling and
land and seismic.


Current production is 850-900 boe/d and we are estimating an exit production
rate of 1,000-1,100 boe/d net to Insignia.


Our focus for the balance of the year will be firstly, on the existing Insignia
asset base including the tie in of the 9-01 well and follow up delineation
wells, secondly on opportunistic and accretive corporate and asset acquisitions
and thirdly, on establishing additional core areas predominately located within
our focus area as defined by the "deep basin corridor" located in the W5M and
W6M area and trending south to the Alberta/US border and northwest into British
Columbia.


Cautionary Statements

Disclosure provided herein in respect of BOEs may be misleading, particularly if
used in isolation. A BOE conversion ratio of 6 Mcf to 1 Bbl is based on an
energy equivalency conversion method primarily applicable at the burner tip and
does not represent a value equivalency at the wellhead. All BOE conversions in
this press release are derived by converting gas to oil according to this 6 Mcf
to 1 Bbl ratio.


Certain information set forth in this press release, including without
limitation anticipated operating results, tie-ins, production rates, capital
expenditures and timing thereof and potential operating areas, contains
forward-looking statements. By their nature, forward-looking statements are
subject to numerous risks and uncertainties, some of which are beyond Insignia's
control, including the impact of general economic conditions, industry
conditions, volatility of commodity prices, currency fluctuations, imprecision
of reserve estimates, environmental risks, competition from other industry
participants, the lack of availability of qualified personnel or management,
stock market volatility and ability to access sufficient capital from internal
and external sources. Readers are cautioned that the assumptions used in the
preparation of such information, although considered reasonable at the time of
preparation, may prove to be imprecise and, as such, undue reliance should not
be placed on forward-looking statements. Insignia Ltd's actual results,
performance or achievement could differ materially from those expressed in, or
implied by, these forward-looking statements and, accordingly, no assurance can
be given that any of the events anticipated by the forward-looking statement
will transpire or occur, or if any of them do so, what benefits that work and
the combined company will derive therefrom. Insignia disclaims any intention or
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as required by
applicable securities laws.

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