Providence Exploration and Development Update.

VANCOUVER, British Columbia -- Providence Resources, Inc. ("Providence") (OTCBB: PVRS) announced today that it has drilled two wells, and completed and frac stimulated two wells. Providence further announced the completion of a gathering system in Southeast Comanche County, Texas and the completion of the bidding process for our 3D seismic program in Val Verde County, Texas.

Drilling Results

The Marrs #1 - Comanche County, TX has been drilled to test the Strawn Zone in Comanche County, Texas. An evaluation of the well is in process.

The Steward #1H - Comanche County, TX was completed in the Barnett Shale and fracture stimulated in three individual frac stages on 10/27/06. The well flowed back frac treatment fluid from 10/27/06 to 11/6/06, followed by swabbing, resulted in the recovery of 98% of the fluid treatment volume. Gas lift with nitrogen was conducted to increase fluid recovery and total treatment recovery was increased to 132%. Due to a high water production rate of greater than 1,000 barrels of water per day gas production was hindered which prevented a commercial Barnett Shale completion. Operations at the Steward #1H have been suspended at this time.

The Nowell #1H - Comanche County, TX was completed in the Barnett Shale and frac stimulated in four individual frac stages on 10/25/06. The well flowed back until tubing was run in the well. Artificial lift operations were conducted using a swab unit followed by gas lift with nitrogen. Gas lift was installed to remove fluids at an increased rate. To date, a volume equal to 95% of the total fluid treatment volume has been recovered from the Barnett Shale completion. Due to a high water production rate of greater than 1,000 barrels of water per day gas production was hindered which prevented a commercial Barnett Shale completion. The initial Barnett Shale completion was abandoned with a cast iron bridge plug set over the Barnett Shale perforations and recompletion to the Ellenberger breccia porosity is currently being tested. The Ellenberger breccia porosity has been perforated and swabbed down with a show of oil and limited water production. An acid treatment will be conducted in the near future and the Ellenberger breccia porosity tested further for oil and gas.

The Patton #2H was drilled 3,752 feet to the Ellenberger formation and logged. The logs are being reviewed and evaluated at this time. The well is located in close proximity to the Providence-owned pipeline infrastructure.

Pipeline Completion

Comanche County Pipeline, LLC, a partnership owned 90% by Providence Exploration, LLC and 10% by Harding Company (www.hardingcompany.com) and others, has completed construction on a five (5) mile (25,387 feet) 6 5/8' pipeline gathering system in Southeast Comanche County, Texas. The system will gather gas to an existing hydrocarbon dew point control plant that will be capable of handling the initial volumes. The system will need to be extended after the volumes reach 500 MCF per day. The Phase 2 extension will increase the capacity to as much as 5,000 MCF per day (depending on the amount of compression installed) and can deliver volumes directly into an existing Atmos Texas Pipeline system in Hamilton County, Texas. The gathering system was designed and constructed to meet or exceed all Department of Transportation and Texas Railroad Commission regulations. When the system is complete, the system will allow production to flow directly to competitive markets which assures consistent prices for the production.

Val Verde 3D Seismic Program

An extensive technical review of the current seismic data and development of a design for a 3D seismic survey over leases held in Val Verde County was undertaken in 2006. Afterward, six seismic acquisition contractors were sent our survey design parameters, which are expected to improve the usability of the seismic data in this area. The bids were evaluated based on their technical, cost and crew availability metrics. We are now ready to complete a contract with our contractor of choice for a proprietary 3D seismic survey. Concurrently, we have contacted the other operators that have leases adjacent to ours and proposed either their participation in our planned 3D seismic survey to lower our overall costs or alternatively the participation by all operators in a joint 3D seismic survey to be provided by a third party (using the same contractors that bid on our own planned 3D survey and our basic design). A joint 3D survey would be more cost efficient to Providence.

Additional updates on Providence's exploration and development activities will be provided as such information becomes available.

Forward-Looking Statements:

A number of statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended. A safe-harbor provision may not be applicable to the forward-looking statements made in this press release because of certain exclusions under Section 27A(b). These forward-looking statements involve a number of risks and uncertainties, including the sufficiency of existing capital resources, uncertainties related to the exploration and development of Providence's leasehold oil and gas interests, and the ability to secure additional sources of financing. The actual results that Providence may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Providence encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-KSB and Form 10-QSB. Providence's public filings may be viewed at www.sec.gov.