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Zapata Commits to Drill Deep Test Well

July 3, 2008

CALGARY, ALBERTA–(Marketwire – July 3, 2008) – Zapata Energy Corporation (TSX VENTURE:ZCO) has committed to drill a deep test well to earn all rights on 14 sections of land in northwest Alberta. The 4000m well will evaluate a Beaverhill Lake and Blueridge prospect defined by 3D seismic. This is an exploratory well with the potential to add significant reserves and value for the Company. Zapata has a 100% working interest and is scheduled to spud the well in the last half of 2008.

Additional exploration and development potential exists on the earned lands from the numerous shallower zones which produce in the area including the Montney-Doig resource play and the conventional Halfway, Charlie Lake, Fahler and Dunvegan reservoirs.

Zapata’s management considers the project to be highly prospective and is continuing to aggressively pursue high impact targets with its rigorous exploration and economic evaluation process to maximize success.

Zapata is a junior oil and gas production company operating in western Canada and trades on the TSX Venture Exchange under the symbol “ZCO”.

This press release may include forward-looking statements which are statements other than of historical fact, such as information regarding drilling potential and production forecasts. Factors that could cause actual results to differ materially from our expectations include exploration and development risks, commodity prices and operating hazards. A barrel of oil equivalent (boe), derived by converting gas to oil in the ratio of six thousand cubic feet of gas to one barrel of oil, may be misleading, particularly if used in isolation. A boe conversion is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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