TUSK Energy Corporation: Reserves Evaluation Effective March 31, 2008

CALGARY, ALBERTA--(Marketwire - April 30, 2008) - TUSK Energy Corporation ("TUSK" or the "Corporation") (TSX: TSK.TO) is pleased to announce that it has received an independent reserves evaluation dated April 21, 2008, effective March 31, 2008 from GLJ Petroleum Consultants Ltd. ("GLJ"). Compared to a similar evaluation prepared effective December 31, 2007 by GLJ, the estimated net present value of future net revenue as at March 31, 2008 (based on forecast prices and costs), discounted at 10% before tax ("NPV10") of TUSK's proved plus probable reserves, increased by $96.0 million to $297.9 million (December 31, 2007 - $201.9 million). The estimated NPV10 of proved reserves increased $48.8 million to $190.6 million (December 31, 2007 - $141.8 million). TUSK estimates that the factors that contributed to the increase in estimated NPV10 of total proved plus probable reserves are as follows: Northeastern British Columbia Asset Swap (announced on March 7, 2008 and completed on March 31, 2008) - 81% increase; new discoveries - 15% increase; higher oil and gas prices - 7% increase; and first quarter 2008 production - 3% decrease.

Total company interest proved plus probable reserves as at March 31, 2008 (based on forecast prices and costs) increased 509 million boes to 13,745 million boes (December 31, 2007 - 13,236 million boes) and total company interest proved reserves as at March 31, 2008 decreased 552 million boes to 8,499 million boes (December 31, 2007 - 9,051 boes). The increase in proved plus probable reserves and the decrease in proved reserves were primarily the result of the Northeastern British Columbia Asset Swap.

A summary of estimated reserves and the net present value of future net revenue as at March 31, 2008 is set out in the tables below (based on forecast prices and costs). The future net revenue figures presented below, whether calculated without discount or using a discount rate, are estimated values and do not represent fair market value.

Total Company Interest Reserves at March 31, 2008
(based on forecast prices and costs)
----------------------------------------------------------------------------
                      Light &                   Natural Gas             Oil
Reserves           Medium Oil     Natural Gas       Liquids      Equivalent 
 Category        Gross    Net   Gross     Net  Gross    Net   Gross     Net 
----------------------------------------------------------------------------
                 (mbbl) (mbbl)  (mmcf)  (mmcf) (mbbl) (mbbl)  (mboe)  (mboe)
Proved developed
 producing       1,649  1,374  21,255  17,985    415    318   5,607   4,690
Proved developed
 non-producing       -      -     945     796     10      8     168     141
Proved
 undeveloped       417    344  12,393  11,039    242    191   2,725   2,375
----------------------------------------------------------------------------
Total proved     2,067  1,719  34,593  29,820    667    516   8,499   7,205
Total probable   1,202    979  21,732  18,771    422    329   5,246   4,437
----------------------------------------------------------------------------
Total proved
 plus probable   3,269  2,698  56,325  48,592  1,089    845  13,745  11,642
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Note: Columns may not add due to rounding

In the tables of reserves data, the term "Gross" refers to total company interest reserves, while the term "Net" refers to company interest reserves after the deduction of royalties.

Net Present Value of Future Net Revenue at March 31, 2008
- Before Income Taxes
(based on forecast prices and costs)

----------------------------------------------------------------------------
                     Sum of Before Tax Cash Flows Discounted Annually at (%)
                     -------------------------------------------------------
Reserves Category                     0        5       10       15       20
----------------------------------------------------------------------------
($000s)
Proved developed producing      190,097  163,050  143,879  129,559  118,423
Proved developed non-producing    4,632    3,946    3,425    3,018    2,692
Proved undeveloped               66,659   53,431   43,327   35,469   29,259
----------------------------------------------------------------------------
Total proved                    261,387  220,426  190,631  168,046  150,375
Total probable                  180,791  136,433  107,288   87,003   72,270
----------------------------------------------------------------------------
Total proved plus probable      442,178  356,860  297,919  255,049  222,644
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Note: Columns may not add due to rounding.

Capitalized terms in the tables above that are not otherwise defined herein have the meanings ascribed thereto under "Statement of Reserves Data and Other Oil and Gas Information" in TUSK's Annual Information Form for the year ended December 31, 2007 filed March 27, 2008. Additional information relating to TUSK and its statement of reserves data and other information dated March 27, 2008 and effective December 31, 2007 is available under TUSK's profile on the SEDAR website at www.sedar.com.

The pricing assumptions used with respect to net present values of future net revenue as well as the inflation rates used for operating and capital costs are set forth below in the GLJ Summary of Pricing and Inflation Rate Assumptions as at April 1, 2008.

GLJ Summary of Pricing and Inflation Rate Assumptions
----------------------------------------------------------------------------
               Oil          Natural Gas     Edmonton Natural Gas Liquids
     -----------------------------------------------------------------------
               Light Sweet
         NYMEX   Crude Oil
           WTI  40 degrees
       Cushing,     API at     AECO/NIT                            Pentanes
            OK    Edmonton         Spot     Propane      Butane        Plus
Year  ($US/bbl)  ($Cdn/bbl) ($Cdn/mmbtu)  ($Cdn/bbl)  ($Cdn/bbl)  ($Cdn/bbl)
----------------------------------------------------------------------------

2008     97.41       96.93         8.11       60.41       78.42       98.65
2009     90.00       89.10         8.20       56.13       71.28       90.88
2010     86.00       85.10         8.10       53.61       68.08       86.80
2011     85.00       84.10         7.95       52.98       67.28       85.78
2012     85.00       84.10         8.01       52.98       67.28       85.78
2013     85.00       84.10         8.18       52.98       67.28       85.78
2014     85.00       84.10         8.36       52.98       67.28       85.78
2015     86.15       85.25         8.54       53.71       68.20       86.96
2016     87.87       86.97         8.72       54.79       69.58       88.71
2017     89.63       88.73         8.91       55.90       70.98       90.51
2018+                       Escalate at 2.0%/yr thereafter 
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Note: Inflation rate has been assumed constant at 2% annually with a
      constant exchange rate of 1.0 $US per $CDN.

TUSK is engaged in the acquisition, exploration, development and production of oil and natural gas reserves in three focus areas in the north-western part of the Western Canadian Sedimentary Basin. TUSK is developing natural gas in the Conroy area of northeastern British Columbia and light oil and natural gas in the Peace River Arch and Mega/Gutah areas of northern Alberta. TUSK has 90,442,000 common shares outstanding.

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

This news release contains forward looking statements with respect to TUSK's reserves, and future net revenue for those reserves and other statements that are not statements of fact. Although TUSK believes that the expectations reflected in such forward looking statements are reasonable, it can provide 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. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward looking statements contained in this release include, but are not limited to: the lack of precision around estimates of reserves, performance of the company's oil and gas properties, volatility in market prices for oil and gas, geological, technical, drilling and processing problems, changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry and such other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by the company. You are cautioned that the foregoing list of important factors is not exhaustive. These statements speak only as of the date of this news release and TUSK does not undertake any obligation to update publicly or to revise any of the included forward looking statements, other than as required by law. The forward looking statements contained in this release are expressly qualified by this cautionary statement.

Contacts

John Rooney
TUSK Energy Corporation
Chief Executive Officer
(403) 264-8875

Michael Makinson
TUSK Energy Corporation
VP Finance
(403) 264-8875
Website: www.tusk-energy.com