Probe Resources Ltd.: Director Appointment, Interim Creditor Agreement and Expiration of Outstanding Warrants

THE WOODLANDS, TEXAS, Jul 30 (MARKET WIRE) --
Probe Resources Ltd. (the "Company" or "Probe") (TSX VENTURE: PBR) is
pleased to announce the appointment of a new director. The Company also
announces that it has entered into an interim creditor agreement for
retirement of its outstanding trade and secured debt as well as the
expiration of certain outstanding share purchase warrants.

Director Appointment

The Company has appointed Mr. Richard Buski to the Board of Directors.
Mr. Buski has also been nominated and approved to serve as Chairman of
the Audit Committee.

Mr. Buski was Country Managing Partner of PricewaterhouseCoopers (PWC) in
Russia from 2001 through to his retirement in 2004. His responsibilities
in the position included all aspects of practice management, professional
risk management, financial and operational management, client relations,
government relations, media relations, community involvement and partner
affairs. He joined PricewaterhouseCoopers Canada in 1969, and served as
the managing partner of the National Audit Client practice and the
Banking Practice as well as on a number of PwC international committees.
Mr. Buski was also the Global Relationship Partner for the Bank of
Montreal. He obtained his B.A. (Math and Economics) from the University
of British Columbia in 1967 and his C.A. in Ontario in 1972.

Mr. Buski is also a director and chair of the audit committees of Great
Canadian Gaming Corporation and of East Energy Corporation and his
experience will be invaluable to Probe's operating and reporting
activities going forward.

In connection with Mr. Buski's appointment, the Company has granted
incentive stock options to Mr. Buski to purchase up to 300,000 common
shares in the capital stock of the Company. The options have a term of
five years expiring July 29, 2014 and are exercisable at an exercise
price of $0.15 per share.

The Board of Directors currently consists of Mr. Scott Broussard
(Chairman of the Board), Mr. Desmond Balakrishnan (independent director),
Mr. Bradley Culver (independent director), and Mr. Richard Buski
(independent director).

Interim Creditor Agreement

As a result of falling natural gas prices, the Company's revenues have
been less than projected from its two producing gas wells being the South
Timbalier 214 gas well (the "ST 214 Well") and the High Island 115 well
(the "HI 115 Well"). As a result of the revised revenue projections
consequent to lower commodity prices, management of the Company, together
with certain secured creditors, determined it to be in the best interest
of the Company and its stakeholders to enter into an interim credit
agreement (the "ICA") which will schedule repayment of the Company's
trade payables in a timely and orderly manner consistent with the
anticipated revenues from the ST 214 Well and the HI 115 Well, following
deduction for general and administrative expenses of the Company.

Under the terms of the ICA, repayment will be made to all creditors with
interest at an annual rate of 10%. The Company also agreed to certain
restrictions on the sale of certain of the Company's assets. The Company
anticipates all of the Creditors could be paid by May, 2010 presuming
revenues and expenses persist at their current levels. In the event of a
rise (or decline) in the price of natural gas, the repayment schedule
will adjust.

The Company is extremely pleased with the completion of the ICA and the
security that it brings to the Company in terms of developing its ongoing
business of the development of gas reserves in the Gulf of Mexico. Scott
Broussard, CEO commented: "The combination of low commodity prices and
lack of alternative financing as a result of the collapse of the equity
markets severely constrained the Company's ability to deal with its trade
payables. The ICA now allows all of the Company's trade debts to be
retired in full as well as provide the Company with the opportunity to
continue to execute its business plan."

Outstanding Warrants

As of June 30, 2009, 57,376,000 of the Company's outstanding share
purchase warrants expired. After the expiration of these share purchase
warrants, 31,071,874 share purchase warrants remain outstanding with a
weighted average exercise price of $0.37.

About Probe Resources Ltd.

The Company, along with its wholly-owned subsidiary Probe Resources US
Ltd. located in The Woodlands, Texas, is an oil and natural gas
exploration and production company focused on generating, acquiring,
developing, and operating drilling prospects within the Texas and
Louisiana Outer Continental Shelf of the Gulf of Mexico.

ON BEHALF OF PROBE RESOURCES LTD.

Scott Broussard, Chief Executive Officer and Chairman of the Board

This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the Company's securities in the United States.
The Company's securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered or
sold within the United States or to U.S. persons unless registered under
the U.S. Securities Act and applicable state securities laws or an
exemption from such registration is available.

Statements in this press release may contain forward-looking information
including expectations of future operations (including drill rig
commitments and use of proceeds), commerciality of any gas discovered,
production rates, operating costs, commodity prices, administrative
costs, commodity price risk management activity, acquisitions and
dispositions, capital spending, access to credit facilities, income and
oil taxes, regulatory changes, and other components of cash flow and
earnings. The reader is cautioned that assumptions used in the
preparation of such information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those
predicted, a result of numerous known and unknown risks, uncertainties,
and other factors, many of which are beyond the control of the Company.
These risks include, but are not limited to, the risks associated with
the oil and gas industry, commodity prices and exchange rate changes.
Industry related risks could include, but are not limited to, operational
risks in exploration, development and production, delays or changes in
plans, risks associated to the uncertainty of reserve estimates, or
reservoir performance, health and safety risks and the uncertainty of
estimates and projections of production, costs and expenses. The reader
is cautioned not to place undue reliance on this forward-looking
information.

Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.

Contacts:
Probe Resources Ltd.
Scott Broussard
Chief Executive Officer and Chairman of the Board
(281) 210-1170
sbroussard@probe-resources.com
www.probe-resources.com

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