TORONTO, ONTARIO–(EMWNews – July 29, 2008) –

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Exile Resources Inc. (TSX VENTURE:ERI) (“Exile” or the “Company”) announced today that it has completed the first tranche of a non-brokered offering of 22,692,459 units (“Units”) at $0.13 per Unit for aggregate gross proceeds of $2,950,019.67. Each Unit consists of one common share of Exile and one half of one share purchase warrant. Each whole share purchase warrant entitles the holder to acquire one additional common share of Exile until July 29, 2010, at an exercise price of $0.26 per share; provided that if after January 29, 2009, the closing price of the common shares of Exile for any 20 consecutive trading days exceeds $0.40, Exile may accelerate the expiry date to 30 days following the date of mailing written notice of the accelerated expiry date to warrant holders.

The common shares and warrants issued pursuant to the first tranche of the private placement are subject to a hold period which expires on November 30, 2008. The private placement remains subject to the final approval of the TSX Venture Exchange.

Exile was initially approached by a group of European investors seeking to make an equity investment and provide further financial support as the Company moves ahead with development of its Akepo Oilfield in Nigeria and seeks out other oil and gas opportunities in Africa.

With the encouragement of the arm’s length investors, senior management and Board members purchased approximately 3 million Units through this offering.

Net proceeds will be used for engineering evaluation of the reentry and testing programme for the existing well on Exile’s Akepo Oilfield and for general corporate purposes. As the cost of reentering and testing the well is anticipated to exceed the net proceeds of the private placement, Exile is continuing to actively explore other financing initiatives.

About Exile Resources Inc.

Exile Resources Inc. is an oil and gas exploration company advancing the development of the Akepo Oilfield in the shallow water Niger Delta, Nigeria. The Company is also pursuing additional oil and gas, exploration and development opportunities in Africa. Exile Resources Inc. has 58,521,115 issued and outstanding common shares. Please visit Exile Resource’s web site for further information: www.exileresources.com.

Forward-Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Exile Resources Inc. including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.