Innova Exploration Ltd. is pleased to announce the closing of its equity financing that was previously announced on October 6, 2005. Innova has issued 4,268,300 common shares at a price of $8.20 per common share for total gross proceeds of $35,000,060. The proceeds of the issue will be used to fund ongoing exploration and development activities of Innova and for general corporate purposes, including the repayment of debt. The offering was completed through a syndicate of underwriters led by Blackmont Capital Inc. and BMO Nesbitt Burns Inc. an investment and corporate banking practice of BMO Financial Group. Also including Jennings Capital Inc., National Bank Financial Inc., Octagon Capital Corporation, Tristone Capital Inc. and Acumen Capital Finance Partners Limited.

Innova is an active junior oil and natural gas exploration and production company with core assets in British Columbia, Alberta and Saskatchewan. The Company has 39 million shares outstanding.

This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The common shares offered may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

Many Venture Capitalists and Equity firms are investing now in Oil and Gas exploration and production companies.