Corporate Update

Ascent Resources PLC
04 October 2006

      Ascent Resources plc / Epic: AST / Index: AIM / Sector: Oil and Gas



4 October 2006

                Ascent Resources plc ('Ascent' or 'the Company')

                                Corporate Update



Ascent Resources plc, the AIM traded oil and gas exploration and production
company, has received £338,000 before expenses from the exercise of all the
outstanding 5p warrants in the Company.  Additionally, the Company has appointed
Fraser Pritchard as Group Operations Manager.



6,760,000 5p warrants for one Ordinary Share in the Company have been exercised
and there are now no outstanding 5p warrants in issue.  As part of the
transaction, 1,690,000 Incentive Warrants have been issued, giving the holders
the right to subscribe for one Ordinary Share of the Company per warrant at a
price of 12.5p at any time up to and including 22 December 2007.



Also 15,000 new Ordinary Shares have been issued at a price of 12.5p to advisers
of the Company in lieu of fees amounting to £1,875.  Application will be made
for the admission to trading on AIM of 6,775,000 new Ascent Resources plc
Ordinary Shares with admission expected to take place on 10 October 2006.
Following their admission, the total number of shares in issue will be
263,436,778.



Ascent's new Operations Manager, Mr. Pritchard (40) has extensive experience of
the oil and gas industry and was recently NW European Business Manager with IBM
Consulting (formerly PricewaterhouseCoopers) where he directed business strategy
change for a diverse portfolio of upstream companies.  Previously he was a
commercial and strategy advisor at Exxon-Mobil where he also worked in
operations management and had responsibility for the implementation of Health
Safety and Environmental policies.  As part of his employment agreement, Mr.
Pritchard will be issued options to subscribe for 500,000 new shares of the
Company at a price of 12.5p exercisable between the first and fifth
anniversaries of issue.



                                  * * ENDS * *



For further information visit www.ascentresources.co.uk or contact:

Jeremy Eng                  Ascent  Resources plc            Tel: [phone]
Hugo de Salis               St Brides Media & Finance Ltd    Tel: [phone]



Notes

Ascent Resources has an extensive portfolio of over 20 oil and gas projects
across six countries in Europe. These include an 88% interest and operatorship
of the only onshore Spanish oilfield which produces over 100 barrels of oil per
day. Ascent's other projects are in Italy, Switzerland, Hungary and Romania, as
well as applications offshore Netherlands. Starting late this summer Ascent will
drill six (with two optional extra) exploration wells, two (or four) in Hungary
and two each in Spain and Italy. In 2007, high impact gas exploration wells are
planned in the Po Valley in Italy and in Switzerland. The Company will also
participate in up to four non-operated exploration wells in the Aurelian led
project in Romania (5% Ascent) from which gas production and sales from the
Bilca development are to commence shortly.

With the strong and stable European gas market, the Company's portfolio is
balanced in favour of gas over oil, and with the exception of Netherlands,
projects are located onshore where operating and development costs are much less
than they are offshore.



The Company has appointed to its Board a team of experienced directors who are
specialists in the European energy business and each of whom has expertise and
experience in commercialising energy assets.  This provides the structure under
which the Company can accommodate the rapid growth that will accompany a
discovery made during this year's drilling campaign.




                      This information is provided by RNS
            The company news service from the London Stock Exchange