RE: Press Speculation

Regal Petroleum PLC
05 February 2007



Immediate Release                                                5 February 2007

                              REGAL PETROLEUM PLC
                           ('Regal' or 'the Company')

                          Press Speculation - Ukraine

The Company has noted the press speculation over the last weekend regarding the
Company and its Ukrainian assets and operations and advises that the Company has
not received any new bid approaches (subsequent to the announcement made on 14
December 2006 regarding the termination of potential offer discussions as
referred to in that announcement), nor has it discovered any new oil or gas
fields which have not previously been notified to the market.

The Company previously provided a statement of the current operational status of
its Mekhediviska/Golotvschinska ('MEX-GOL') and Svyrydivske ('SV') Fields in
Ukraine in its Ukrainian Update release dated 16 January 2007. In respect of its
MEX-GOL and SV Fields in Ukraine, the Company had proved and probable reserves
of 169.7 mmboe (as at 31 December 2005) as reported in the Company's Annual
Report and Accounts for the year ended 31 December 2005. These reserves are
stated according to the petroleum resources classification system and
definitions of the Society of Petroleum Engineers.

The Company continues to review its strategic options regarding the development
of the MEX-GOL and SV Fields in Ukraine, which may involve taking on a joint
venture partner in the development of these Fields.

For further information, please contact:

Regal                                                         Tel: [phone]

Neil Ritson, CEO
Frank Scolaro, Chairman

Definitions:

mmboe million barrels of oil equivalent

In accordance with the guidelines of the AIM market of the London Stock Exchange,
Neil Ritson BSc (Hons) Geophysics, FGS, Chief Executive Officer of Regal Petroleum
plc, is the qualified person that has reviewed the technical information contained
in this press release.




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