First Quarter 2009 Highlights:

— At the end of the quarter the company had 12.59 million common shares outstanding and 3.67 million special voting shares (Tricap equity line) that are scheduled to be converted into common shares prior to July 31, 2009, and which, once converted, will result in total outstanding common shares of 16.27 million

— In the first quarter, the company participated in the drilling of two (0.65 net) wells. At Pembina Crossfire, Insignia Energy participated at its 15% working interest in the 3-1-50-6W5M well drilled to the Nisku formation. The well did not encounter economic hydrocarbons in the Nisku but has potential in an uphole zone. At Nig (British Columbia), the company participated at its 50% working interest in a Bluesky test. The well has been completed and is standing pending further development during the next winter drilling season

— At Provost, the company completed a well (one net) drilled late in 2008 resulting in an Ellerslie gas well. The company is currently investigating tie-in locations for this well.

— At Beaverhill Lake, the 8-15-51-19W4M well (0.75 net) drilled and completed in the fourth quarter of 2008 was tied in and placed on production in mid March 2009 at a rate of 750 mcf/d (550 mcf/d net). At the end of the quarter, the company shut in seven (seven net) marginal gas wells due to low product prices. The net production loss to Insignia Energy from these wells is not material

— At Crossfire, the 9-1-50-6W5M well (0.15 net) continues to be shut-in pending further evaluation work. Insignia Energy estimates that the 9-1 well will be back on stream sometime in third quarter of 2009 (Q3/09) (previous guidance Q2/09). Prior to its shut-in in late 2008, the 9-1 well was producing at a gross rate in excess of 2,300 boe/d (350 boe/d net)

— The company exited the quarter at a production rate of about 700 boe/d

— Subsequent to the quarter, the company purchased 3,200 net acres (five net sections) of highly prospective land in the west central area of Alberta

— The company has, inclusive of the Tricap equity line, in excess of CAD51 million of capital resources, which on a per share basis, after giving consideration to the shares issued to Tricap pursuant to the equity line, represents about CAD3.13 per share. This is before giving effect to Insignia Energy’s producing properties and undeveloped land.