GOIL Granby Oil

    6 February 2008

Granby Oil and Gas plc

("Granby" or "the Company" or "the Group")

Cross assignment with Petro-Canada led group in UKCS Quad 13

Granby  Oil and Gas plc, the oil and gas exploration and production company with interests in  the
UK  North Sea and onshore Europe, is pleased to announce that Granby and its co-venturers in  UKCS
Licence  P.1404  Block 13/25 have completed an assignment with Petro-Canada UK Limited  and  Reach
Exploration  (UK) Limited, licensees of the adjacent Licence P.1459 Block 13/24d, to cross  assign
interests in the two licences.

Granby  previously held a 25% interest in Licence P.1404 Block 13/25. After the  cross  assignment
Granby has a 12.5% interest in Licence P.1404 and a 12.5% interest in Licence P.1459 Block 13/24d.
Both Licences will be operated by Petro-Canada.

As  previously  announced on 6 August 2007, a proprietary 970 line kilometre  high  resolution  2D
seismic  survey operated by Petro-Canada was acquired over parts of both blocks 13/24d  and  13/25
where potential prospects underlying both blocks have been identified.

Following  the  Licence  cross assignment, participating interests in the Licences  P.1404  (Block
13/25) and P.1459 (Block 13/24d) are:

Petro-Canada UK Ltd  - Operator                                           45.00%
Faroe Petroleum (U.K.) Ltd                                                25.00%
Granby Enterprises Ltd                                                    12.50%
Elixir Petroleum UK Ltd                                                   12.50%
Reach Exploration (UK) Limited                                             5.00%

Application has been made to the Secretary of State for Business, Enterprise and Regulatory Reform
('BERR') to merge these two licences into a single traditional licence.

David Grassick, Managing Director of Granby Oil and Gas, said:

"We  are very pleased to have concluded this agreement with the Petro-Canada led group which  will
facilitate future exploration of the shared prospects on these blocks. The cross-assignment  helps
consolidate  our  position in this highly prospective hydrocarbon region where we  now  have  five
contiguous blocks and part blocks."

Enquiries:
Granby Oil and Gas plc                                      020 7648 4950 or
                                                            0845 2577537
    David Grassick, Managing Director                       07785 921080
                                                            
    Nigel Burton, Finance Director                          077 8523 4447
                                                            
    www.granbyoil.com                                       
                                                            
KBC Peel Hunt                                               020 7418 8900
(Nominated Adviser and Broker)
    Jonathan Marren / Matt Goode                            
                                                            
College Hill                                                020 7457 2020
    Nick Elwes / Paddy Blewer                               
                                                            

Notes to Editors

Overview of the Business
Granby  Oil  and  Gas  plc (LSE symbol GOIL) is building a significant oil  and  gas  exploration,
development  and production portfolio in carefully selected areas of the North Sea  and  elsewhere
through technical and commercial innovation.

    *       Granby operated Tristan NW gas development due on stream April 2008
    *       Strong cash position, with over �11 million expected at end March 2008
    *       Three UKCS wells drilling in 2008, including Monkwell appraisal well
    *       Exploration portfolio with net unrisked P50 potential of 321 million barrels

Granby's Portfolio and Plans

In  additional to the recent Kerloch discovery, Granby's current activity includes a 54%  interest
in the Granby operated Tristan North West gas development in block 49/29b in the UK Southern North
Sea,  which  commenced drilling on 27 November 2007 and is expected to begin production  by  April
2008.

In 2008 Granby expects to drill at least three further wells, including a fully funded exploration
well on 9/22 and the appraisal of Monkwell.

Granby  has  a  20% interest in the Monkwell gas field in UKCS Licence P.001, Block  42/29a.   The
field was discovered in 1989 by well 42/29-6, which produced gas at a rate of 26.8mmscfd from  the
Lower Leman Sandstone.  The field was appraised by two further wells which also tested gas.  A new
well is planned for 2008 to further appraise the field and to enable a development decision to  be
made.

Granby's  current exploration acreage comprises interests in a portfolio of offshore  licences  in
the  North  Sea, containing multiple prospects generated by the Company.  Granby also  has  a  50%
working  interest in two blocks, one of which contains discovered oil and gas, located in the  gas
prolific Northern Rotliegendes sub-basin onshore Poland.


                                                                
Granby Oil & Gas plc



                                                                

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