CNOOC: Additional OBM Identified at Bohai Bay

- CNOOC: Additional OBM Identified at Bohai Bay

Friday, August 12, 2011
CNOOC Ltd.

CNOOC announced that, according to the latest statement by ConocoPhillips China Inc (COPC), the Operator of Penglai 19-3 oil field, more oil-based drilling mud (OBM) on the sea floor was identified. This addition brings the revised volume of OBM on the seabed to 400 cubic meters (2,500 barrels). The volume of oil released to the sea surface remains at 114 cubic meters (717 barrels). The total volume of fluids spilled from the incident amounts to 514 cubic meters (3,217 barrels) of oil and OBM and exceeds 240 cubic meters (1,500 barrels) as originally estimated by the Operator.

After the incident occurred, COPC has deployed substantial resources for oil recovery and cleanup work. According to COPC, its response personnel has recovered 269 cubic meters (1,700 barrels) of OBM from the seabed near the Penglai 19-3 C platform, and approximately 70 cubic meters (440 barrels) of oil/water mix from the sea surface to date.

As the non-operator, the Company has also fully utilized its resources and personnel to assist COPC on shoreline protection activities with 111 people walking approximately 3,289 kilometers of shoreline and 19 vehicles patrolled approximately 48,645 kilometers of shoreline along the Bohai Bay area by August 11.

In order to meet the requirements set by the State Oceanic Administration, the Company will continue to urge and assist COPC to stop the leaks and complete the cleanup work by the end of August, so as to minimize the impact of the oil spill incident on the marine environment.

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O&G Pay Identified at Victory Energy's Jones County Well

- O&G Pay Identified at Victory Energy's Jones County Well

Monday, July 25, 2011
Victory Energy Corp.

Victory Energy, through its partnership with Aurora Energy Partners, announced that its Tx. Jones County, Nassau #1 well has reached target depth of 5,325 feet and is now entering completion.

Mudlog and multiple drillstem tests (DSTs) indicate the presence of two oil and gas pay zones exceeding fifty feet in thickness with several others measuring between ten and twenty feet in thickness. A seventy-foot (gross) oil and gas Pennsylvanian age formation will be the focal point of this initial completion. The targeted formation is expected to produce both oil and gas.

With a successful completion, the well will be production tested to determine rate, gas-to-oil ratio and pressure. An assessment of the type and size of production facilities will be determined by testing. Due to the high gas cut encountered during drilling, a gas delivery line is already being assessed.

This multiple pay zone discovery offers the opportunity for additional development and drilling on held acreage. The company, through its partnership with Aurora Energy Partners, holds a working interest of no less than 1.5 percent and up to 2.5 percent for each acreage block acquired.

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Hydrocarbons Identified at Mart's Nigeria Well

- Hydrocarbons Identified at Mart's Nigeria Well

Wednesday, July 20, 201
Mart Resources Inc.

Mart Resources and its co-venturers, Midwestern O&G (Operator of the Umusadege field in Nigeria) and Suntrust Oil provided an update on the UMU-8 well in the Umusadege field.

The UMU-8 well has reached a final total drilling depth of 8593 feet. Open hole wireline logs have been run with results indicating a total of 16 hydrocarbon bearing sands. The well logs indicate a cumulative gross pay of approximately 385 feet in the 16 sands encountered by the well.

All of the UMU-8 well's primary objectives, including the IX, XI, XIIa, XIIb, and XV sands were hydrocarbon bearing sands based on well log interpretation with results indicating gross oil pay of 32 feet, 14 feet, 39 feet, 26 feet and 11 feet respectively. 9 5/8" production casing has successfully been run and cemented.

The next phase of operations will include perforating the five sands and the installation of completion equipment consisting of a dual tubing string (3 1/2 inch and 2 7/8 inch) configuration. The 3 1/2 inch tubing will have the XV, XIIa and XIIb sands completed and the 2 7/8 inch tubing will have the XI and IX sands completed allowing for future multi-zone production. After the completion equipment is installed, testing on the five individual sands will be conducted. While the dual string will allow for completion and testing of the five sands, it is anticipated that only two sands will initially be produced at any given time.

By way of update, negotiations with the operator of the export pipeline to increase export capacity for the Umusadege field are ongoing and have not yet been finalized. Mart and its co-venturers are continuing to evaluate new pipeline and export options to provide an alternative for future production capacity.
Chairman's Comment

Wade Cherwayko, Chairman and CEO of Mart, said, "Initial interpretation of the logs for the UMU-8 well indicate the primary objective sands are hydrocarbon bearing, including the XI and XV sands that have no proved or probable reserves assigned to them. If testing of the XI and XV sands is successful, the Umusadege field reserves could be increased from previously disclosed reserve estimates."

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