10 April 2008

Irvine Energy plc Mezzanine Financing Update

Irvine Energy plc, the AIM listed oil and gas exploration and production company is pleased to provide an update on its proposed mezzanine financing and the repayment of loan notes to Metro Energy.

The Company has previously indicated that it was looking at various fundraising options for working capital to develop its projects. The Board advises that it has signed a letter of intent with a third party for the provision of a US$50 million mezzanine finance facility. The documentation for the facility is being finalised and a further announcement will be made in due course. Although there can be no guarantee that this mezzanine finance will be forthcoming, the board remains confident that this financing will be completed by June 2008.

In addition, on 10 January 2008 the Company announced that it had completed the acquisition of a 50% working interest in a further 27,337.2 gross acres of oil and gas exploration and production leases in Oklahoma. In order to part finance this acquisition the Company issued US$4 million of loan notes to its US partner, Metro Energy, which were due to be repaid on 10 April 2008. Due to completion of the mezzanine financing taking longer than anticipated, Metro Energy has agreed to extend the repayment date.

For further information please visit www.irvineenergy.com or contact:

Irvine Energy plc
Michael Frayne, Tel: +44 (0) 20 7766 7500

Irvine Energy plc
Aaron Close, Tel: +1 214 908 6384

Evolution Securities
Tim Redfern, Tel: +44 (0) 20 7071 4300

St Brides Media & Finance
Hugo de Salis, Tel: +44 (0) 20 7236 1177

St Brides Media & Finance
Victoria Thomas, Tel: +44 (0) 20 7236 1177

Notes:

Irvine Energy plc is an AIM listed company focussed on the development of onshore conventional and unconventional oil and gas projects in the USA. The Company currently has exploration and production projects in Kansas and Oklahoma, which it is operating and developing in conjunction with its joint venture partner Metro Energy Group (“Metro”).

It is the Company's objective to become a significant player in both the conventional and unconventional USA oil and gas markets, by building a solid portfolio of assets within the highly prospective Kansas/Oklahoma region. Irvine has an aggressive growth strategy in place with a work programme to advance its production projects and upgrade its C3 resources to P1 status. The Board believes that by assembling a combination of conventional and unconventional plays, it provides the Company with a balanced low risk, high capital efficient development programme.