Sale of Spanish Assets

Ascent Resources PLC
25 October 2007


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


25th October 2007


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

    Agreement to Sell Spanish Oil Assets and Farm-out of First Swiss Project


Ascent Resources plc, the AIM-traded oil and gas exploration and production
company, has entered into an agreement to sell its oil assets in Spain and to
farm-out up to 40% of its 90% interest in the Seeland-Frienisberg Permit in the
Canton of Berne in Switzerland, to AIM listed Leni Gas and Oil Plc ('LGO').


Under the proposed agreement, LGO will purchase Ascent's Spanish oil assets and
the entire issued share capital of Ascent's wholly owned subsidiary Compania
Petrolifera de Sedano ('CPS'). These assets have a book value of £321,000 and
have an operating profit from production of £241,000. The consideration of €2.25
million and 8 million ordinary LGO shares will be partially used to repay
outstanding intercompany loans in Spain.


Ascent's Spanish oil assets include 88.75% of the Ayoluengo field in the La Lora
concession and CPS, which has a 50% interest in three exploration licences,
Huemeces, Basconcillos-H and Valderedibles. These licences are held on a 50:50
basis with Tethys Oil AB of Sweden. This divestment is in line with Ascent's
strategy of focussing on its gas assets, which the Board believes provides
greater stability due to the strength of the mainland European gas market. The
acquisition of these assets by LGO constitutes a reverse takeover under the AIM
Rules and is therefore conditional (inter alia) upon LGO gaining approval from
its shareholders.


Ascent is retaining a presence in Spain with its 50% interest in the Rocamundo
gas exploration application, where the Company's partners are Tethys Oil and
Shesa, the Basque oil company, who have a 30% interest and a 20% interest
respectively. This exploration permit is expected to be issued later this year.


In Switzerland, Ascent has conditionally agreed to farm-out up to 40% of its 90%
interest in the Seeland-Freinisberg Permit in north-western Switzerland to LGO.
Schweizerisches Erdol AG ('SEAG') is the concession holder with a 10% interest.
Under the terms of the farm-out, LGO will fund the costs of the drilling and
testing of the first well in the exploration permit. Expenditure on subsequent
exploration and production activities in this permit will be funded on a working
interest basis. If LGO takes up its full 40% interest, it will additionally have
the right of first refusal to participate in Ascent's other two Swiss projects
on the same terms.


The 363.5 square kilometre surface prospecting permit was awarded in July 2005,
and the first exploration phase expires on December 31st 2007 with a three year
extension pending. The first phase work commitments which have been completed,
includes a spectral acoustic seismic trial, geochemical field studies and
integration of the existing geological and geophysical data.


In 1982, Elf drilled the Hermrigen-1 well within the area of the permit to a
total depth of 2,425m in Triassic salt. Gas shows were encountered in the lower
carbonate section of the Keuper and a test in the section of the well flowed gas
at an initial rate of 1.5MMscfd decreasing to 0.62MMscfd after 15 hours.


The Competent Persons Report commissioned by LGO, states that Gross Contingent
Resources associated with the Hermrigen-1 discovery well are between 10.7 Bcf
and 21.2 Bcf and that six other prospects in the permit have Prospective
Resources totalling between 347.7 Bcf and 676.5 Bcf. The partner group will
choose the location of a well designed to prove commercial gas reserves in this
permit. Subject to regulatory approval, it is planned to drill this well using
the new build, low environmental impact hydraulic rig of Perazzoli Drilling, a
drilling contractor in which Ascent has acquired a 22.5% interest.


Ascent Managing Director Jeremy Eng said, 'The divestment of Ascent's Spanish
oil assets follows both the Company's strategy of preferentially developing its
gas projects as well as its belief that these properties are non-core compared
to the potential of the other opportunities in Ascent's portfolio. Importantly,
it is expected that during 2008, revenues from gas production in Hungary will
more than replace the oil sales revenues from the Spanish production.


'The Swiss farm out allows us to progress this project and build our confidence
in what we believe has the potential to be a major central European gas play.
Both of Ascent's exploration permits in Berne have proven gas discoveries and
the third party report confirms substantial appraisal and exploration prospects.
We look forward to working with LGO in an exploration programme to quantify the
Prospective Resources estimates, which in only the first of three permits,
stands at between 348 Bcf and 676 Bcf of gas.'


The information contained in this announcement has been reviewed and approved by
Gavin Ward, Ascent's Exploration Manager (member of the AAPG) who has 19 years
relevant experience in the oil and gas industry.


                                  * * 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]

Max Hartley Cenkos Securities plc Tel: [phone]


Notes

Ascent Resources plc has a portfolio of 20 hydrocarbon exploration and
development projects across six countries in Europe: Italy, Switzerland,
Hungary, Spain, Slovenia and Netherlands. With the stable European gas market,
Ascent's portfolio favours gas over oil. With the exception of the Netherlands,
all of its projects are located onshore where operating and development costs
are substantially lower than they are offshore.


Glossary

MMscfd Million standard cubic feet of gas per day, a measurement of gas rate

Bcf Billions standard cubic feet of gas, a measurement of gas volume

AAPG Association of American Petroleum Geologists



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