CALGARY, ALBERTA--(Marketwire - Feb. 4, 2008) - Canoro Resources Ltd. (TSX VENTURE:CNS) has placed the Amguri 10B and Amguri 11 wells on production. Combined gross production from the Amguri field is now able to average approximately 870 bbl/d of condensate and 7.0 mmcf/d of natural gas or 2,040 boe/d. This increases Canoro's net production capability to approximately 1,225 boe/d from 295 boe/d previously. Water production from Amguri 10B and 11 is less than 1%. These wells were placed on production on January 29, 2008.

The production rates are above current facility limits and gross production is being restricted to 585 bbl/d of condensate and 4.7 mmcf/d of natural gas or 1,370 boe/d (i.e. 820 boe/d net to Canoro) until the constraints are removed. To alleviate these constraints, Canoro is constructing a new 10" gas pipeline with completion expected later this quarter, and increasing capacity at the Moran oil transfer station. With the elimination of these bottlenecks, further production increases are anticipated.

At the present time, Amguri 11 is only producing from one of the three previously tested intervals.

"We are addressing the facilities constraints in the field with the aim towards increasing production from the wells as soon as possible," commented Les Kondratoff, Canoro's President and CEO. "This is a great problem to have, and we look forward to more positive developments with the upcoming 10 well drilling program that is planned for Amguri."

Canoro is a Canadian-based international oil and gas company operating in the Assam/Arakan basin of northeast India. Canoro is the operator of Amguri field with a 60% working interest. Canoro is the operator with a 65% working interest in the AA-ON/7 exploration block. Canoro also has a 15% non-operated working interest in the AA-ONN 2003/2 exploration block.

Common shares of Canoro trade on the TSX Venture Exchange under the symbol 'CNS'.

This news release contains certain forward-looking statements, including management's assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond Canoro's control. Such risks and uncertainties include, without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, inability to retain drilling rigs and other services, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Canoro's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Canoro will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to Canoro or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Canoro does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.