Elko: Luna Spud Date Anticipated Early December

- Elko: Luna Spud Date Anticipated Early December

Thursday, September 08, 2011
Elko Energy Inc.

Elko announced on May 4, 2011, that the Luna well will be drilled by the Maersk Resolve jack up drilling unit. The rig had been secured by Norwegian Energy Company ASA ("Noreco"), the license operator, under a letter of intent. At that time the rig was expected to be available in mid August 2011 and Elko subsequently announced on June 22, 2011 that the rig was anticipated to arrive at the Luna location in the second half of September 2011. Elko has been now advised by Noreco that the rig has been further delayed and the Luna spud date is now anticipated to be in early December 2011. The Maersk Resolve is currently drilling on contract to Maersk Oil and Gas in Denmark and as such the delays are out of the control of Noreco.

As previously announced, the 01/11 partners intend the Luna well to test the overall Rotliegendes play concept. The Luna prospect is located in a small half graben with the pinch out edge to the south east of the structure. The Rotliegendes reservoir is thought to have a high probability of being present at this location based on the seismic interpretation. Uncertainty still exists however on which seismic event represents the top reservoir and where the pinch out occurs.

In addition to the uncertainty on the pinch out position, there is a possibility that the Rotliegendes does not, in fact, pinch out but continues up dip into Lead A. It is therefore possible that Luna and Lead A are connected and represent one feature. The current well location which targets the Luna prospect was picked in order to maximize the information gathered by the well and is designed to address this uncertainty. The Luna drilling program is expected to take about one month in duration.

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Valiant Finalizes Sagex Deal, Reports Drilling Date for License P471

- Valiant Finalizes Sagex Deal, Reports Drilling Date for License P471

Friday, June 17, 2011
Valiant Petroleum plc

Valiant provided the following update with regard to its offer to the shareholders of Sagex to acquire the entire issued and to be issued share capital of Sagex for a total consideration of NOK 64.1 million (£7.1 million).

As at the close of the Offer on June 10, 2011 Valiant had received acceptances in excess of 94% of the total number of voting shares in Sagex on a fully diluted basis, significantly in excess of the two thirds acceptance condition. Working in close collaboration, Valiant and Sagex have also made progress on seeking all necessary corporate, third party and regulatory consents, which remain key conditions to the Offer. Valiant remains confident that the transaction will reach completion ahead of the long stop date of August 31, 2011.

Reflecting the significant progress on moving the Offer towards completion, an interim board of directors of Sagex was elected via an Extraordinary General Meeting on June 14, 2011 comprising representatives of two of Sagex's major shareholders and Sandy Shaw, an executive director of Valiant.

Valiant has also been informed by Sagex that the first of its two planned Norwegian exploration wells is anticipated to commence operations on License P471 by early August 2011. The well will be drilled by the Borgland Dolphin semi-submersible rig and target Chamonix, a potentially large Cretaceous stratigraphic prospect, and the secondary Cortina target of Jurassic age. Sagex holds a 20% working interest and the license partners are OMV (50%, operator) and Noreco (30%).

Further updates on the Offer will be provided in due course.

Peter Buchanan, CEO of Valiant, commented, "We would like to take this opportunity to thank the outgoing Sagex board of directors for their hard work and professionalism over the past few months, which has made Valiant's offer for Sagex possible. We look forward to working towards successful completion of the Offer with both Sagex's management team and new board of directors."

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Samson O&G Closes Asset Sale, Sets Frac Date for Earl Well

Samson O&G Closes Asset Sale, Sets Frac Date for Earl Well

Thursday, March 31, 2011
Samson O&G Ltd.

Samson O&G has closed its previously announced sale of gas assets in the Jonah and Lookout Wash Fields in Green River Basin, Wyoming for $6.3 million to a group of private buyers, with an effective date of January 1, 2011. Samson's cash balance following this transaction stands at US $73.3 million.

Samson has also been advised that a frac date has been set for the Earl #1-13H well and it is expected that frac operations will commence Monday April 4th. Earl #1-13H was previously drilled to a measured total depth of 17,342 feet, and a 5,700 foot liner set in the horizontal section. This horizontal section will be fracced with 20 stages and the treatment is expected to place 2.3 million pounds of proppant. This operation will take approximately five days.