GFI Oil & Gas Corporation Announces 10 Well Drilling Program for Calendar Q1 2008

THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES.


GFI Oil & Gas Corporation ("GFI") (TSX VENTURE:GFI) www.gfioil.com announced it
will participate in drilling ten wells in the 1ST quarter of calendar year 2008.
Nine of these wells will develop 19.3 MMBOE of net 2P reserves at the Bualuang
field in Thailand and the Kambuna field in Indonesia, and one well is designed
to further delineate the Gurame field in the Seruway Production Sharing Contract
(PSC) in Indonesia.


At the Bualuang field in Thailand, GFI as technical operator will begin a six
well development drilling program once the Ensco rig # 51 arrives on location,
expected in first part of February. GFI is currently installing the production
platform at Bualuang and also expects the Rubicon Vantage FPSO to arrive on
location in February. GFI's net share of Proved and Probable reserves at
Bualuang includes 6.1 MMBO of Proved Undeveloped and 7.0 MMBO Probable oil
reserves, as reported by McDaniel & Associates Consultants LTD. (McDaniel) in
their June 30, 2007 reserves report of GFI.


At the Kambuna field in Indonesia, the Global Santa Fe drilling rig #136 is
expected to be on location in mid-January to drill the Kambuna #3 and #4
development wells and complete the Kambuna #2 well that the GFI participated in
drilling in late 2005. The production platform construction has been completed
and work is currently underway by the operator, Serica Energy, on pipelines and
facilitates needed to bring Kambuna field on production at the end of 2008.
GFI's net share of reserves at the Kambuna gas/condensate field include 3.1
MMBOE of Proved Undeveloped and a further 3.1 MMBOE of Probable reserves per the
McDaniel June 30, 2007 reserves report.


At the Gurame field in the Seruway PSC in Indonesia, GFI expects that the Gurame
#1x field delineation well will spud in the last half of February, once the
Ensco barge rig # 1 is released from the Salamander Energy field delineation
program underway at the Bontang PSC. This field delineation well will be drilled
to a depth of approximately 9600 feet to evaluate a number of zones that have
previously tested gas in the initial 5 wells drilled in Gurame field in the late
1960's and early 1970's.


Alex Warmath the CEO of GFI Oil and Gas Corp confirmed that the first quarter
drilling program represents a major step forward toward establishing GFI
production objectives in South East Asia in 2008.


About GFI

GFI is a public company listed on TSX Venture Exchange Inc. (symbol "GFI") with
core interests in two offshore fields currently under development. Offshore
Thailand, GFI is farming in to a 60% ownership interest in the 104,000 acre
Block B8/38, which contains the Bualuang oilfield. Offshore northern Sumatra,
Indonesia, GFI owns a 35% non-operated interest in the 94,000 acre Glagah
Kambuna Technical Assistance Contract (TAC), where GFI and the operator are
developing the Kambuna Field. GFI also holds a 22.5% working interest in the
Seruway Production Sharing Contract (PSC) located offshore northern Sumatra
Indonesia and owns a 50% interest in 83,000 gross acres in the Crystal gas
project in the USA. GFI recently announced that it and Salamander Energy PLC had
agreed to a merger subject to the receipt of shareholder and regulatory
approvals as well as certain other terms and conditions. It is anticipated that
such merger would be completed early March of 2008.


This news release shall not constitute an offer to sell or the solicitation of
an offer to buy the securities in any jurisdiction. The shares offered will not
be and have not been registered under the United States Securities Act of 1933
and may not be offered or sold in the United States absent registration or an
applicable exemption from the registration requirements.


ADVISORY - Certain information regarding GFI set forth in this release,
including management's assessment of GFI's future plans, operations and
operational results may constitute forward-looking statements under applicable
securities law and necessarily involve risks associated with oil and gas
exploration, production, marketing, and transportation such as loss of market,
volatility of prices, currency fluctuations, imprecision of reserves estimates,
environmental risks, competition from other producers, currency exchange risks,
uncertain political risk in countries where the operations of GFI take place,
and ability to access sufficient capital from internal and external sources. As
a consequence, actual results may differ materially from those anticipated in
the forward-looking statements.


Note that BOEs may be misleading, particularly if used in isolation. A BOE
conversion ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.