Ammonite Energy Ltd. Provides Corporate Update

CALGARY, ALBERTA--(Marketwire - Jan. 28, 2009) -

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Ammonite Energy Ltd. (TSX VENTURE:AMO) ("Ammonite" or the "Company") is pleased to provide a corporate update. Ammonite has no debt and current production of 320 boe/d (net). Ammonite recently participated in a successful horizontal oilwell in Saskatchewan and plans to drill a development well at Wembley, Alberta which offsets our best well with a rate of 155 boe/d (gross) of light oil.

The Company has initiated a 40 km 2D seismic program over its Flaxcombe, Saskatchewan undeveloped acreage to identify and confirm a number of geological leads. In addition, the Company recently acquired 3 sections of P&NG rights in the Elrose area of Saskatchewan and intends to drill up to 3 wells to evaluate several prospects underlying this acreage.

Ammonite has a very experienced management team averaging over 25 years each with proven track records in other companies. Ammonite is well positioned financially to take advantage of this current economic downturn with reduced service costs and upcoming opportunities in the property market.

Ammonite is the result of a business combination with Ketchum Capital Corporation ("Ketchum"), a capital pool company listed on the TSX Venture Exchange, and Ketchum Acquisition Corporation pursuant to which Ketchum acquired all of the issued and outstanding common shares of Ammonite. The Acquisition constituted the Qualifying Transaction of Ketchum as defined in the policies of the TSX Venture Exchange. On January 19, 2009, the shareholders of Ketchum approved a change in the name of the Company from "Ketchum Capital Corporation" to "Ammonite Energy Ltd." and the consolidation of its common shares on the basis of one post-consolidation common share for every five pre-consolidation common shares. On January 22, 2009, the post-consolidation common shares of the Company commenced trading under the trading symbol "AMO".

Barrels of oil equivalent (boe) may be misleading, particularly if used in isolation. A boe conversion ratio of six thousand cubic feet (mcf) of natural gas to one barrel (bbl) of oil is based on an energy conversion method primarily applicable at the burner tip and is not intended to represent a value equivalency at the wellhead. All boe conversions in this press release are derived by converting natural gas to oil in the ratio of six thousand cubic feet of natural gas to one barrel of oil. Certain financial amounts are presented on a per boe basis, such measurements may not be consistent with those used by other companies.

This press release may contain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, anticipations, expectations, opinions, forecasts, projections, guidance or other similar statements that are not statements of fact. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), commodity price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. The Company's forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.