Beach Spotlights Discoveries in Egyptian Abu Sennan Concession

- Beach Spotlights Discoveries in Egyptian Abu Sennan Concession

Wednesday, August 24, 2011
Beach Energy Ltd.

Beach announced discoveries from its two wells in the Egyptian Abu Sennan concession, with production testing on both wells continuing to assess volumes and commerciality. It is expected that there will be an expeditious tie-in of the wells due to the location of the wells being within 10 kilometers of existing pipeline infrastructure. Details regarding the outcomes of the flow testing from the wells will be advised in due course.

GPZZ-4 was drilled as the first well of a six-well program in the Abu Sennan concession. During initial drilling, hydrocarbon shows were found in the lower and upper Bahariya Formations, and the Abu Roash "G" Member. An extensive testing program of these formations is currently underway.

The second well, Al Ahmadi-1, has also encountered hydrocarbon shows within the Kharita Formation, the lower Bahariya Formation, the Abu Roash "G" Member and the Abu Roash "E" Member. Hydrocarbon zones highlighted by the wireline logging and testing will be followed up with a significant cased hole testing program.

Beach Managing Director, Mr Reg Nelson said, "This is a fantastic result for Beach's International operations and is a credit to the team that identified the potential of this permit in Egypt's Western Desert. We have mentioned on a number of occasions that in order to grow reserves and production, one has to look beyond its own shores, hence why we strategically identified and invested in countries such as Egypt. These discoveries at Abu Sennan justify this strategy and we firmly believe that there will be further success in the not too distant future."

The Joint Venture equity interests in Abu Sennan are:

• Beach (via wholly owned subsidiary Beach Petroleum (Egypt) Limited) - 22%
• Kuwait Energy - 50% and Operator
• Dover Petroleum - 28%

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Sound Oil Gets Govt Nod for Rapagnano Concession

- Sound Oil Gets Govt Nod for Rapagnano Concession

Wednesday, August 24, 2011
Sound Oil plc

Sound Oil announced that the Italian Ministry for Economic Development has awarded the Rapagnano Concession, located in the Marche Region of central Italy, to the Company's wholly-owned subsidiary Apennine Energy srl. The award is subject to the acceptance of any environmental impact assessment that may be required by the Marche regional authorities. In view of the previous production history at the site which is within an industrial area, the Company anticipates that this acceptance will be granted.

The Rapagnano gas field on the concession had previously produced 4.1 Bscf of gas into the national network until it was shut-in in 2001. A recent reservoir engineering study by consultants Senergy (GB) Ltd has estimated that an additional 2.45 Bscf of gas is potentially recoverable from the field. Apennine's objective will be to put the field back on stream at an approximate estimated cost of US $0.5 million with expected first revenue in 2Q of 2012.

Commenting on the news, Gerry Orbell, Sound Oil's Chairman and Chief Executive, said, "This is very encouraging news. The Italian Ministry has awarded the Rapagnano field to us at no cost with the expectation that we can put it back on stream quickly. We intend to produce to the national gas network through the connection which is on site and provide an early cash flow with minimal investment."

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Winstar to Farmout Interest in Tunisia Concession

- Winstar to Farmout Interest in Tunisia Concession

Thursday, August 18, 2011
Winstar Resources Ltd.

Winstar has executed a Memorandum of Understanding (MOU) with a privately held European exploration and production company ("Privateco") to farmout for cash and a work program, up to 50% of Winstar's current 45% working interest in the Sabria Concession in west-central Tunisia, including existing production, inventory and reserves. All amounts are in US dollars unless otherwise stated.

Winstar and Privateco have agreed to expeditiously work towards drafting and executing a comprehensive Farmout Agreement plus ancillary agreements in accordance with the commercial terms and conditions contained within the executed MOU.

This transaction is attractive to Winstar as it:

• Provides an opportunity to accelerate the development of the extensive probable reserves associated with the Sabria Concession;
• Provides incremental working capital to fund the current and near term capital programs; and
• Provides meaningful near term incremental drilling operations at Sabria during a period in which Winstar's capital is focused on developing the Triassic and Silurian potential within the southern Tunisian concessions of Chouech Essaida and Ech Chouech.

The basic terms and conditions of the executed MOU are as follows:

• Privateco will earn an undivided 22.5% working interest within the Sabria Concession upon Closing in exchange for a cash payment of US $6.55 million, subject to final closing adjustments, and a work commitment to pay 45% of the capital costs to:
• Work-over an existing Sabria well;
• Drill and complete 3 new Sabria horizontal development wells to a depth to exploit the reserves within the Ordovician Sandstones of the Hamra and El Atchane Formations.
• The work commitment is to be completed within 2.5 years from the date on which the Tunisian government issues a decree granting approval of the title transfer to Privateco.
• The work commitment is subject to budgetary approval by ETAP (Tunisian State Oil and Gas Company) which owns the remaining 55% working interest in the Sabria Concession.

The Effective Date of the transaction is July 1, 2011 with a closing date expected during the fourth quarter of 2011. At closing, Winstar will receive $6.55MM USD of which 5.7MM USD represents the estimated value for the proved developed producing ("PDP") reserves at July 1, 2011 plus seismic and inventory. This is based on a value of $7.0 MM USD for the PDP reserves at January 1, 2011 and will be adjusted based on actual net after tax cash flows attributable to the 22.5% interest from January 1, 2011 to coincide with the December 31, 2010 RPS Energy report mentioned below.

Winstar will remain as the Operator.

This transaction is subject to execution of the formal transaction documents and final approval by the parties' respective boards and the government of Tunisia.

The work commitment is estimated to have a value to Winstar, after earned carried working interest (22.5%), of approximately US $12.3 million. Privateco also agrees to transfer the deductible tax pools associated with Winstar's carried interest of the work commitment, which is estimated to be an additional US $6.1 million of tax benefits for Winstar. Thus, the total value of the transaction is estimated to be US $25.5 million, subject to final closing adjustments, net to Winstar in cash, work and tax benefits.

Based on RPS Energy Independent reserve report as December 31, 2010, and using a value of $7.0MM USD at January 1, 2011 for PDP reserves, the 22.5% working interest in the reserves and value of Sabria, which will be earned by the Privateco is as follows:

• Total PDP Reserves; 326,000 boe (before royalty),
• Total PDP Reserves; $6.4 million (Present Value, discounted at 10%, after tax)

Winstar's 45% working interest in current production at Sabria is 190 boepd and would be 95 boepd net to Winstar's 22.5% working interest after giving effect to this transaction.

Based on reserve values estimated as of December 31, 2010, and using a value of $7.0MM USD at January 1, 2011, the Privateco is paying $21.77 per boe for PDP reserves.

Winstar is currently producing 1,500 to 1,700 boepd (1,050 to 1,150 bopd of crude plus 450 to 550 boepd of solution gas). Sales of the solution gas produced in association with the crude oil are still partially restricted due to mechanical issues within the Tunisian national gas transmission system owned and operated by STEG (Tunisian National Electric and Natural Gas Company). As a result of the mechanical restriction, Winstar is currently selling 1,500 to 1,650 boepd. The mechanical challenges are anticipated to be resolved within the near future.

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Sea Dragon to Ramp Up Production at NW Gemsa Concession

- Sea Dragon to Ramp Up Production at NW Gemsa Concession

Monday, July 25, 2011
Sea Dragon Energy Inc.

Sea Dragon provided the following update on its operations in Egypt.

NW Gemsa Concession

Al Amir SE#8 Well: The well was spud on May 20, 2011 and successfully drilled to its total depth of 10,750 ft. This is the second of four water injection wells planned for the Al Amir SE water secondary recovery project. Well logs indicate good quality sands in both the Kareem Shagar and Rahmi zones, well suited for water flooding purposes. Pressure measurements indicate that communication exists with other producers in the area. The well was successfully perforated on July 10(th) in the interval 10,404 to 10,432 ft within the Kareem Rahmi interval. The Kareem Shagar Formation will be perforated at a later date.

Geyad-5 Well: The Geyad-5 water injection well was spud on July 23(rd) , 2011 and is currently drilling below 400 ft. The well is expected to reach a total depth of 7,000 ft. and bottom in the Upper Rudeis Formation. This well is located approximately 1.1 km west-south west of Geyad-1X and 2 km of the recently drilled Geyad-3C well. It is targeting the Kareem Formation water leg in the western edge of the field.

Water injection is expected to commence in Q-4, 2011. This marks the beginning of the water flood project which will result in significant increase in recoverable reserves and production levels from the field.

Current production from the Al Amir SE and Geyad fields is running steady at around 8,000 bopd (800 bopd net to Sea Dragon). Cumulative production from the NW Gemsa Concession has now exceeded 5.6 million barrels of 42 degree API Crude oil.

Sea Dragon has a 10% working interest in the NW Gemsa Concession with Vegas at 50%, as operator, and Circle Oil PLC with 40%.

Kom Ombo Concession

Geological, geophysical and engineering work and studies are continuing. The work includes a remapping of the Al Baraka field and exploratory prospects. This work will be complemented by the results of other geotechnical studies now underway to firm up locations for the two exploratory wells and AB-16, AB-17 and AB-18 development wells planned for the fourth quarter, 2011.

Work is underway currently on securing a drilling rig and ancillary services to be mobilized to Kom Ombo and begin operations during the fourth quarter. All tubular and supplies have already been ordered and should be available within the next two months.

Production from the Al Baraka field is approximately 800 bopd (400 bopd net to Sea Dragon).

Sea Dragon has a 50% working Interest and is a joint operator of the Kom Ombo Concession with Dana Gas owning the remaining 50%.

Commenting on the latest developments on the Company's operations in Egypt, Company Chairman and CEO Mr. Said Arrata stated, "We are very pleased with the progress made on drilling the water injection wells in our NW Gemsa Concession. We are looking forward to the commencement of the water flood project and the resulting increase in production. In Kom Ombo, preparation work for the fall drilling season is well underway."

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BNK Petroleum Subsidiary Scoops Up Spanish Concession

BNK Petroleum Subsidiary Scoops Up Spanish Concession

Tuesday, April 12, 2011
BNK Petroleum Inc.

BNK Petroleum announced that its wholly owned subsidiary Trofagas Hidrocarburos, S.L., has been awarded an oil and gas concession in the Autonomous Community of Cantabria, Spain totaling approximately 61,470 acres. This concession brings the Company's total acreage in Europe to about 3.6 million net acres in 5 separate basins.

This new concession located in the Cantabrian basin of Spain was acquired for a shale gas target. The Concession contains certain minimum requirements, which must be fulfilled by BNK to retain its interest. Some of the more significant minimum requirements consist of conducting geological work in the first year, drilling one vertical well each in years two, four, five and six.

Wolf E. Regener, BNK's President and CEO commented, "We are very pleased that we have been granted our first concession in Spain and are encouraged by the data we have gathered over the last two years. The shale gas data collected in Spain looks very promising. We look forward to developing shale gas in Spain both for our shareholders and the country of Spain."

Poland

The Company also announced that the Lebork S1 well on the Slupsk Concession is currently drilling at 3,517 meters, with over 220 meters of core taken. The core will be analyzed over the coming weeks. The Company anticipates that it will complete drilling and logging in the next week, at which time it will release an update with the available data. The majority of the analysis of the sidewall cores from the Wytowno #1 well are expected back from the subcontractor in May. The 1st well on the Starogard concession is expected to begin drilling sometime in June.