Baseline Oil & Gas Reports First Quarter Results

Baseline Oil & Gas Corp. (OTCBB:BOGA) today announced its results for the first
quarter of 2008. Net production for the quarter was 686 Mmcfe, of which 55% was
crude oil and condensate and 45% was natural gas. Average daily net production
for the first quarter was 7.5 Mmcfepd, comprised of 691 bopd and 3.4 Mmcfpd.
Operations from Baseline's Blessing Field contributed 58% of first quarter
volumes, with the Eliasville Field contributing the remaining 42%. The Company's
oil and gas revenue, before the effect of hedging activities, totaled $8.9
million for the quarter. The Company's first quarter average realized oil price
before the effect of hedging was $96.49 per barrel. Its average realized natural
gas price before the effect of hedging was $9.15 per mcf. Hedging losses totaled
$2.5 million for the period, including $1.3 million in cash settlements under
various hedging contracts. Baseline did not have any oil and gas production
during the first quarter of 2007, therefore no comparison with the prior year
period is applicable.

Total direct field-level cash operating expenses for the first quarter were $2.2
million, or $3.18 per mcfe. This figure included lease operating expense of $1.6
million ($2.37 per mcfe) and severance and ad valorem taxes of $0.6 million.
General and administrative expenses for the quarter totaled $1.1 million ($1.54
per mcfe), the cash portion of which was approximately $900 thousand. Baseline
did not incur any exploration expenses during the first quarter. Interest
expenses for the period were $6.0 million, of which $5.3 million represented
interest accrued or paid on the Company's Senior Secured Notes due 2012, its
Senior Subordinated Convertible Secured Notes due 2013, and its revolving credit
facility. Depreciation, depletion and amortization expense was $1.3 million for
the quarter. EBITDA totaled $4.6 million for the first quarter of 2008. Capital
expenditures for drilling, workovers, and equipment totaled $2.3 million for the
period.

Thomas R. Kaetzer, Baseline's President and CEO, stated, "Our Company continues
to successfully execute its planned capital program, the pace of which will pick
up during the second and subsequent quarters of 2008. We are solidly on track to
meet our goal of significantly increasing Baseline's daily production rate and
quarterly financial results as the year progresses. We will continue an
aggressive organic drilling program in our two Texas fields during the remainder
of 2008, which should generate significant unhedged oil and gas production
volumes."

FORWARD-LOOKING STATEMENTS: This document includes forward-looking statements.
Forward-looking statements include, but are not limited to, statements
concerning estimates of expected results from drilling exploratory and
development wells and associated costs, statements relating to estimates of, and
increases in, production, cash flows and values, statements relating to the
continued advancement of Baseline Oil & Gas Corp.'s projects and other
statements which are not historical facts. When used in this document, the words
such as "could," "plan," "estimate," "expect," "intend," "may," "potential,"
"should," and similar expressions are forward-looking statements. Although
Baseline Oil & Gas Corp. believes that its expectations reflected in these
forward-looking statements are reasonable, such statements involve risks and
uncertainties and no assurance can be given that actual results will be
consistent with these forward-looking statements. Important factors that could
cause actual results to differ from these forward-looking statements include the
potential that the Company's projects will experience technological and
mechanical problems, geological conditions in the reservoir may not result in
commercial levels of oil and gas production, changes in product prices and other
risks disclosed in Baseline's Annual report on Form 10-KSB filed with the U.S.
Securities and Exchange Commission.

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CONTACT: Baseline Oil & Gas Corp.
Patrick H. McGarey, Chief Financial Officer
(281) 591-6100
p.mcgarey@baselineoil.com

Piedmont IR, LLC
Investor Relations Contact:
Keith Fetter or Darren Bankston
678-455-3696
info@piedmontir.com