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Managing Director of Karoon Gas Australia Limited Discusses Plans for Major Growth With Wall Street Reporter

Posted on: Monday, 22 October 2007, 15:00 CDT

NEW YORK, Oct. 22, 2007 (PRIME NEWSWIRE) -- Wall Street Reporter presents an exclusive interview, in which Robert Hosking, Managing Director of Karoon Gas Australia Limited (ASX:KAR), details his expectations for a "ten-fold" return for investors in the energy exploration company.

"Karoon has a market cap of about AUD$250 million, and it is sitting on a potential resource that has to be confirmed after the completion of drilling. We're drilling three holes in the next 14 months. These wells are about $50 million or $60 million US a well, they are very big wells," Mr. Hosking tells Wall Street Reporter. "It could turn into a multi-multi billion dollar deposit. Karoon is in a perfect position to move forward on success drilling."

Topics of Interest for Investors Include:

-- Karoon's first sale, which was announced 2 weeks ago, of $40 billion worth of LNG. -- Plans to commence drilling on 3 holes in the next 14 months. -- Anticipated production from consortium of Woodside, Shell, Chevron, BHP, and BP. -- Expectations to confirm asset size of 6 TCF - 20 TCF (the amount of gas America uses in a year).

The interview is available in streaming audio, or for download, at www.WallStreetReporter.com. Listeners can also subscribe free to the podcast via Apple iTunes.

Wall Street Reporter (Est. 1843) is the premier source of investment information on global small-cap public companies in high-growth sectors. Through their magazines, special reports, web site, and conferences, WSR presents unique opportunities for discovering stocks before they appear on the radar of Wall Street and have become "must-attends" and "must-reads" for the "who's who" of the investment community.

About Karoon Gas Australia Limited

Karoon Gas Australia Limited is an energy exploration startup with a market cap of AUD$250 million. The company, which went public in November of 2003, owns two major resources, the Western Gippsland Basin, and the Browse Basin. Karoon owns 49% of the latter, a hotspot for LNG exports, in a joint venture with Conoco.

Forward-Looking Statements

Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may,""will,""should,""could,""expects,""plans,""intends,""anticipates,""believes,""estimates,""predicts,""forecasts,""potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.

This news release was distributed by PrimeNewswire, www.primenewswire.com

CONTACT: Wall Street Reporter Magazine Jack Marks, CEO & Publisher (212) 363-2600 ext. 260 www.WallStreetReporter.com Karoon Gas Australia Limited Robert Hosking, Managing Director +61 (03) 5974-1044 www.KaroonGas.com.au

Source: PrimeNewswire

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