interesting press release

Attention Business Editors:

Heritage Oil signs second agreement for Kurdistan, Iraq field studies
/THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE
SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, Feb. 28 /CNW/ - Heritage Oil Corporation (TSX: HOC) today announced that the Oil, Gas and Petrochemical Establishment (OGE) of the Government of the Autonomous Region of Kurdistan, Iraq has entered into a second exclusive Memorandum of Understanding (MOU) with K Petroleum Company (KPC) to undertake integrated reservoir field studies over several fields located south of the Erbil Mosul main road.

KPC is a wholly-owned subsidiary of Heritage Erbil Oil Limited, which is a joint venture company co-owned with a major economic and industrial entity within the Autonomous Region of Kurdistan, Iraq.

Micael Gulbenkian, Chairman and CEO of Heritage, said: "This second MOU demonstrates KPC is well-positioned in the Autonomous Region of Kurdistan, Iraq. We are delighted that KPC has been selected to undertake these studies.

KPC's two MOUs cover an area of approximately 1,300 km(2). Preliminary negotiations to convert both MOUs into Production Sharing Agreements (PSA) have begun and we anticipate they will be completed within the next three months."

Fieldwork in the first MOU area commenced in January. The planned 120-day field program includes undertaking magnetic and gravity studies as well as geological fieldwork. This work is being undertaken without any prevailing operational issues.

KPC plans to commence studies in the second MOU shortly. The scope of work includes regional studies, geological field mapping, magnetic and gravity surveys and satellite data interpretation. Additionally, the scope of work shall include the determination of hydrocarbon in place volumes and reserves from interpretation of all available data, utilising the latest reservoir characterisation and modelling technology.

Iraq's new constitution, entered into in 2005, gives the Kurdistan Regional Government the exclusive authority to enter into oil and gas licences over exploration areas and non-producing fields within its territory. KPC and Heritage have kept the Ministry of Oil in Baghdad fully informed of all developments.

Heritage is an international oil and gas corporation with producing properties in the Republic of Congo and Sultanate of Oman, a development property in Russia and exploration projects in the Republic of Uganda. Heritage Middle East, which is focusing on Iraq, has established an office in Amman, Jordan, which it intends to re-locate to Baghdad when the security situation permits.

The Company's Common Shares trade on the Toronto Stock Exchange under the symbol HOC.

FORWARD-LOOKING STATEMENTS: Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding production estimates and future plans and objectives of Heritage - are forward-looking statements that involve various risks and uncertainties.

There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of reserves and recoveries; production and operating cost assumptions; development risks and costs; the risk of commodity price fluctuations: political and regulatory risks; and other risks and uncertainties as disclosed under the heading "Risk Factors" and elsewhere in Heritage documents filed from time-to-time with the Toronto Stock Exchange and other regulatory authorities. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. %SEDAR: 00010129E

For further information: please contact: Investors Relations Contacts:
CHF Investor Relations - Cathy Hume, Tel (416) 868-1079 x231, Email: cathy@chfir.com; Heather Colpitts, Tel (416) 868-1079 x223, Email: heather@chfir.com; Heritage Oil Corporation - Swiss, European Contact Details: Micael Gulbenkian or Paul Atherton, Tel +41 91 973 1800 or
+44 870 011 5555, Fax +41 91 973 1808 or +44 20 7629 3863, Email: info@heritageoilcorp.com; Canadian Contact Details: John McLeod, Tel (403) 234-9974, Fax (403) 261-1941; If you would prefer to receive press releases via email contact Heather Colpitts (heather@chfir.com) and specify "Heritage press releases" in the subject line.
CNW Group

Heritage Oil Corporation is a Canadian-based independent, international oil and gas exploration, development and production company.

The Company’s principal producing properties are in the Republic of Congo and Oman. Heritage acquired a 95% interest in a development project in Russia in December 2005, which has proven and probable reserves of 69 million barrels net to Heritage, before deduction of royalty and income tax. Heritage has an exploration project in Uganda.

K Petroleum Company, a subsidiary of Heritage, has entered into a Memorandum of Understanding with the Oil, Gas and Petrochemical Establishment of the Government of the Autonomous Region of Kurdistan, Iraq to undertake field studies over an area exceeding 300 square kilometers. This area is adjacent to an existing oil field.

Heritage Middle East Limited, a wholly owned subsidiary of Heritage, continues to enter into negotiations with the Ministry of Oil in Baghdad to obtain MOUs to undertake exclusive detailed field studies and to prepare development plans over a number of oil fields.

Heritage is looking to expand its recently-acquired operations in Russia through the acquisition of a number of similar-sized development licences in Russia and Kazakhstan.

The Company’s producing, development and exploration projects, together with potential opportunities, provide a combination of early cash flow and longer term value creation opportunities.

The Company’s shares trade on The Toronto Stock Exchange, or TSX, under the symbol HOC.
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