Ecosse Energy Announces Increase in Onshore Resources to 206 Million Barrels

Company Files New 51-101 report for Bengkulu PSC Onshore Resources - Net Company Value Increases by over 77%

CALGARY, March 23 /CNW/ - Ecosse Energy Corp. (CNSX: ECS), a company focused on oil and gas exploration and production in Indonesia, today announced it has increased its onshore resources estimate based on an independent evaluation by Chapman Petroleum Engineering Ltd of Calgary of Onshore Prospective Resources for the Bengkulu PSC in South Sumatra Indonesia.

"The independent evaluation carried out by Chapman Petroleum Engineering increases our Best Estimate Ultimate Recoverable Oil In Place from 110 million barrels to over 206 million barrels - a substantial increase of 87% from the original figures when we listed on CNSX last year," said Alan Morrison, President and CEO of Ecosse Energy Corp. "This increase has been due to two new major Prospects N and O being identified onshore from the geological and geophysical interpretation we performed in the last five months. The undiscounted net present value based on the Best Estimate figures has also increased by 77% from USD 311 million to USD 552 million. "

"These figures are for the onshore portion of the Bengkulu PSC. An independent evaluation report is currently being completed for the offshore portion of the Bengkulu PSC and is due to be available shortly. We are working towards maximising the potential of the Bengkulu PSC and are currently negotiating to acquire majority interest in other PSC oil and gas blocks in Indonesia," said Mr. Morrison.

    
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         Bengkulu PSC - Gross Prospective Resources - Best Estimate

    ----------------------   ------------------------------------------------
                                                      Increase       %age
    Ultimate ROIP (MMSTB)     Ultimate ROIP (MMSTB)  in Ultimate  Increase in
    - Jul 2009 Evaluation     - Feb 2010 Evaluation     ROIP        Ultimate
                                                      (MMSTB)        ROIP
    ----------------------   --------------------
    Lead K      56.708        Prospect K  57.200
    ----------------------   --------------------
    Prospect L  31.420        Prospect L  32.175
    ----------------------   --------------------
    Prospect M  22.345        Lead M      22.344
    ----------------------   --------------------
                              Prospect N  29.062
                             --------------------
                              Prospect O  65.315
    ----------------------   ------------------------------------------------
    TOTAL      110.473        TOTAL      206.096          95.623         87%
    ----------------------   ------------------------------------------------


               NET VALUE OF ONSHORE RESOURCES - MILLIONS of USD

                                   -----------------------
                                      Jul 2009  Feb 2010
                                    Evaluation Evaluation
                                   ------------------------------------------
                                                                        %age
                                     Prospects Prospects  Increase  Increase
                                         L & M   K, L, N        in  over Jul
                                           and   & O and  Value of  2009 Eva-
                                        Lead K    Lead M  Resources  luation
    -------------------------------------------------------------------------
    Undiscounted                         311.3     552.0     240.7       77%
    -------------------------------------------------------------------------
    Discounted @ 5% / year            169.7     346.0     176.3      104%
    -------------------------------------------------------------------------
    Discounted @ 10% / year           101.7     232.0     130.3      128%
    -------------------------------------------------------------------------
    Discounted @ 15% / year            65.3     163.0      97.7      150%
    -------------------------------------------------------------------------
    Discounted @ 20% / year            44.0     118.0      74.0      168%
    -------------------------------------------------------------------------
    

The Chapman Petroleum Engineering February 2010 Report for Evaluation of Onshore Prospective Resources for the Bengkulu PSC can be viewed online at sedar.com or on cnsx.ca

About the Company

Ecosse Energy Corp. was incorporated under the Canada Business Corporations Act and is a reporting issuer in the Provinces of Alberta, British Columbia, Manitoba, and Ontario. Its wholly owned subsidiary Endeavour Energy (Bengkulu) Pty Ltd. ("EEB") is a private Australian company, operating in Jakarta, Indonesia. EEB owns a 100% working interest in the Bengkulu PSC ("Production Sharing Contract") in Sumatra, Indonesia which allows it the rights to explore and exploit the hydrocarbons within the PSC. The Bengkulu PSC covers 4,101.92.94 km2 (1,013,602 acres) and consists of both onshore and offshore portions. EEB is currently planning to drill 5 onshore exploration wells in the Bengkulu PSC in 2010.

Further information concerning the Company can be found at www.sedar.com.

Neither the Canadian National Stock Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this release.

The Chapman Report has been utilized predominantly for formulating and supporting recommendations on the work plan on the project and the estimated values disclosed do not necessarily represent the "fair market value" of these prospective resources.

The Chapman Report evaluation has been conducted in accordance with Canadian National Instrument (NI) 51-101, Sec 5.9, pertaining to prospective resources, utilizing forecast prices and costs.

For further information: Alan W Morrison, President & CEO, [phone], Ecosse Energy Corp., E-mail: [email protected]