Turnkey E&P Inc. Announces Appointment of New Auditors

CALGARY, ALBERTA--(Marketwire - Oct. 22, 2008) - Turnkey E&P Inc. ("Turnkey") (TSX: TKY.TO) today announced that its former auditors have resigned and Pannell Kerr Forster of Texas, PC have been appointed auditors of Turnkey effective immediately.

Additional information about Turnkey can be found in the Corporation's latest Investor Relations presentation at its website: www.turnkeyep.com.

This release and the Company's website referenced in this release contain forward-looking statements including expectations of future production and components of cash flow and earnings. Investors are 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 Turnkey. 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, health and safety risks including, without limitation, blowouts and spills, and the uncertainty of estimates and projections of production, costs and expenses. The risks outlined above should not be construed as exhaustive. Investors are cautioned not to place undue reliance on any forward-looking information. Turnkey undertakes no obligation to update or revise any forward-looking statements except as required under applicable securities laws.

Casing Drilling(R) is a registered trademark of Tesco Corporation.

Contacts

R. M. (Bob) Tessari
Turnkey E&P Inc.
President and Chief Executive Officer
(281) 248-8822
Website: www.turnkeyep.com