August 8, 2008
Note: The following report is an English translation of the Japanese-language original.

Company Name: Japan Petroleum Exploration Co., Ltd.
Securities Code: 1662
President: Osamu Watanabe
Inquiries: Shigeyoshi Hasegawa, Manager, Media Relations, Media and Investor Relations Department
TEL: (03) 6268-7110

Notice of Financial Forecast Revision for Fiscal Year Ending March 31, 2009
Based on recent business performance, Japan Petroleum Exploration Co., Ltd. (hereinafter the “Company”) hereby
revises its financial forecast for the fiscal year ending March 31, 2009 (April 1, 2008 - March 31, 2009) announcedon May 15, 2008, as follows.
1. Revision to consolidated forecast for fiscal 2009 (April 1, 2008 - March 31, 2009)(1) Revised forecast for the six months ending September 30, 2008(April 1, 2008 - September 30, 2008)(Unit: ¥Million, %)Net Sales

Operating
IncomeOrdinary
IncomeNet Income

Net Income
per Share

Original forecast(A)

86,404

1,651

3,540

2,822

¥49.38

Revised forecast(B)

113,404

11,094

12,5978,239¥144.15

Change in amount(B－A)

27,000

9,443

9,057

5,417

-Rate of change

(%)

31.2

572.0

255.8

192.0

-

91,3609,03113,825

9,695¥169.64

FY2008 1Q-2Q(2) Revised forecast for Fiscal 2009 (April 1, 2008 - March 31, 2009)(Unit: ¥Million, %)Net Sales

Operating
IncomeOrdinary
IncomeNet Income

Net Incomeper Share

Original forecast(A)

193,772

8,860

14,321

11,141¥194.93

Revised forecast(B)

258,054

27,33935,352

26,383¥461.62

Change in amount(B－A)

64,282

18,47921,031

15,242-Rate of change

(%)

33.2

208.6

146.9

136.8

-207,638

19,62527,247

20,097¥351.65

FY2008 Full Year12. Revision to non-consolidated forecast for fiscal 2009 (April 1, 2008 - March 31, 2009)(1) Revised non-consolidated forecast for the six months ending September 30, 2008 (April 1, 2008 - September 30, 2008)(Unit: ¥Million, %)Operating
IncomeNet Sales

Ordinary
IncomeNet Income

Net Income
per Share

Original forecast(A)

67,880

5,856

4,107

3,433

¥60.06

Revised forecast(B)

85,908

8,341

16,97314,081¥246.37

Change in amount(B－A)

18,0282,485

12,866

10,648-Rate of change

(%)

26.6

42.4

313.3

310.2

-

74,478

8,832

9,953

7,282

¥127.43

FY2008 1Q-2Q(2) Revised non-consolidated forecast for Fiscal 2009 (April 1, 2008 - March 31, 2009)(Unit: ¥Million, %)Operating
IncomeNet Sales

Ordinary
IncomeNet IncomeNet Incomeper Share

Original forecast(A)

155,167

14,126

12,562

10,497¥183.67

Revised forecast(B)

197,985

18,82731,613

26,778¥468.71

Change in amount(B－A)

42,8184,701

19,051

16,281-Rate of change(%)

27.6

33.3

151.7

155.1

-

171,563

18,56017,726

14,279¥249.84

FY2008 Full Year
3. Reason for Revision

The original forecast was based on price of $80 per barrel for the Japan Crude Cocktail (JCC) price, and an
exchange rate of ¥105/$, however results for the-1Q (April 1 - June 30, 2008) came to $100.94 per barrel and¥103.08/$. The revised forecast is based on recent business performance, actual results in the-1Q and theassumption for the-2Q (July 1 - September 30, 2008) at $130 per barrel and the 3Q-4Q (October 1, 2008 - March 31,2009) at $110 per barrel. The exchange rate assumption for the 2Q-4Q (July 1, 2008 - March 31, 2009) at¥105/$ is not revised.
zOil price assumption
Original forecast
JCC1Q - 4Q (e)($/bbl)Revised forecast($/bbl)80.00

1Q (a)
2Q (e)
3Q - 4Q (e)100.94130.00110.00Note with respect to financial forecasts:
Forecasts announced by the Company referred to above were prepared based on management’s assumptions with information available at thistime and it is possible that the actual results will be different to the forecast figures because of various factors that could occur in the future.

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