Voila Completes Sale Of U.S. Properties

Voila Petrol Corp. (the “Company”) announces that it has completed the sale of all of its U.S. oil and gas properties to Newmex Minerals Inc. (“Newmex”). Conditional approval from the TSX Venture Exchange has been received for the transaction previously announced on December 22, 2005.

The properties sold to Newmex comprise leasehold and royalty interests in California, Texas and Louisiana (including production from oil and gas wells in the South Texas Queen City trend), the rights to an offshore OCS block (Mustang Island Area, East Addition, Area Number TX3A, Block 736), and a strategic working interest investment in Rincon Energy Partners LLC, a U.S. based oil and gas prospect generation company specializing in Gulf Coast and California oil and gas exploration. The net remaining reserves associated with these assets are approximately 99 Mboe Proved (46 Mbbl of oil and 320 MMcf of gas) and 48 Mboe Probable (9 Mbbl of oil and 236 MMcf of gas), based on an independent evaluator’s assessment of working interest plus royalty interest production in accordance with National Instrument 51-101 (Ryder Scott September 1, 2005 — Constant Price Parameters).

In consideration, the Company has received an upfront cash payment of US $5.8 million (as adjusted) and may receive a potential deferred bonus payment. Any bonus payment will be calculated on the basis of US $1 per oil equivalent barrel of additional net proved reserves in respect of 3 selected properties, effective on the second anniversary of the transaction and as certified by an independent reserves evaluator acceptable to both parties. The adjustment date for the transaction is September 1, 2005. No finder’s fee was payable in respect of the transaction.

Voila Petrol Corp. is an upstream oil and gas company with exploration and producing interests in Russia and is currently in advanced stages of evaluation and negotiation on several additional projects in Russia.

Voila Announces Cdn $28.75 Million Private Placement

Voila Petrol Corp. (“Voila” or the “Company”) announces that it has agreed to sell on a non-brokered, private placement basis, up to an aggregate of 2.5 million common shares of the Company at a price of Cdn $11.50 per share for gross proceeds of $28.75 million. A 5% finder’s fee may be payable on a portion of the private placement. The net proceeds of the private placement will be used towards the Company’s exploration and development programs in Russia as well as for general working capital. The common shares issued pursuant to the private placement will be subject to a 4 month hold period. The private placement is subject to regulatory approval.

Voila Petrol Corp. is an upstream oil and gas company with exploration and producing interests in Russia and is currently in advanced stages of evaluation and negotiation on several additional projects in Russia.

Forward-looking statements: This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company’s capability to execute and implement its future plans. Actual results may differ materially from those projected by management.

Voila Closes Cdn $28.75 Million Private Placement

Voila Petrol Corp. (the “Company”) reports that it has completed the private placement announced on January 27, 2006. The Company sold, on a non-brokered, private placement basis, an aggregate of 2.5 million common shares of the Company at a price of Cdn $11.50 per share for gross proceeds of $28.75 million. A 5% finder’s fee was payable on a portion of the private placement. The net proceeds of the private placement will be used towards the Company’s exploration and development programs in Russia as well as for general working capital. The common shares issued pursuant to the private placement are subject to a hold period expiring 4 months from the date of closing. The private placement has received regulatory approval and the securities have been issued to the investors.
Voila Petrol Corp. is an upstream oil and gas company with exploration and producing interests in Russia and is currently in advanced stages of evaluation and negotiation on several additional projects in Russia.

Voila Closes Onshore Orenburg Deal

(VPC – TSX Venture) … Voila Petrol Corp. (the “Company”) is pleased to announce that all necessary approvals have been obtained and that closing of the acquisition of a 50% interest in Closed Joint Stock Company Oilgaztet (“Oilgaztet”) has occurred. Oilgaztet holds a 100% interest in the Ashirovskoye oil field license which is estimated to contain proven reserves of 2.3 million barrels of oil and possible reserves of 60 million barrels of oil (third party independent 51-101 reserves report prepared by DeGolyer and McNaughton dated November 29, 2005).

The Company has recently drilled a new well on the field which is currently undergoing production testing. Based on the analysis of the electric logs on this well, the Company plans to test 3 distinct zones in the Devonian section. Preliminary results of this testing are expected by the end of February and will be the subject of a future announcement. Operations are also underway to drill a second well in the eastern part of the structure in an area which appears to be prospective in older existing wells but which has not been flow tested to date. Preparations for an early production system are also being finalized.

Voila President and CEO Keith Hill stated “We are pleased to close this transaction and look forward to the results of the two new delineation wells. Upon successful confirmation of the main reservoir targets, we plan to aggressively pursue development of this field and hope to reclassify the majority of the existing possible reserves to proven reserves by year end.”

Under the terms of the share purchase agreement, Voila has paid US$9 million to acquire a 50% ownership interest in Oilgaztet and has agreed to arrange financing for the Ashirovskoye development plan. A US$1 million bonus will be due to the vendors following the first calendar year in which annual oil production from the Ashirovskoye field exceeds 100,000 metric tons per year (730,000 barrels). A further US$1 per metric ton of oil bonus will be due to the vendors for each additional commercial discovery with approved reserves of at least 50,000 tons on the Ashirovskoye license block. As part of this transaction, a finder’s fee of 120,000 shares of Voila common stock will be issued to IMD Resources under a previously disclosed agreement.

Voila Petrol Corp. is an upstream oil and gas company with exploration and producing interests in Russia and is currently in advanced stages of evaluation and negotiation on several additional projects in Russia.