Drilling Commenced at Ukraine Olgovskoye Field

Kulczyk Oil announced that the O-9 well in the Olgovskoye Field commenced drilling on March 5, 2011.

O-9 Development Well

The O-9 well is located approximately 1.2 kilometers to the northwest of the O-8 well. The O-9 well will be drilled to a depth of 2,600 meters and is designed to test gas-bearing reservoirs in the Lower Bashkirian and further develop the gas production capability of the Olgovskoye Field.

The drilling of the O-9 well is expected to take approximately 35 days.

The O-9 well is the second new well drilled in the Olgovskoye field since the Company acquired its interest in KUB-Gas in June 2010. It is part of a larger development program on the KUB-Gas assets through 2011.

Olgovskoye Field

With the successful tie-in of the O-7 well in late 2010, the Olgovskoye Field now produces from 4 wells (O-3, O-4, O-5 and O-7) with each well producing from a separate horizon. Kulczyk Oil completed drilling of the Olgovskoye-8 well in early January and the well is awaiting testing and tie-in as a producing gas well. The O-8 well was drilled to a total depth ("TD") of 2,780 meters and wireline logging of the open hole identified multiple potential hydrocarbon-bearing zones. The O-8 well was cased to TD in preparation for completion as a producing gas well. A service rig is currently on the O-8 location and the completion of the well will commence shortly. Information about the O-8 well was disclosed on February 3, 2011.

Update on M-19 well

The recently drilled M-19 well in the Makeevskoye Field has been tested at 5 million cubic feet per day ("MMcf/d") of natural gas with an estimated 4 barrels per MMcf of condensate and no water. The well flowed at a stabilized flowing pressure of 1,700 psig through a 10 mm choke over a 7 hour period. Regular production of the M-19 well is expected to commence late in the second quarter of 2011 after all necessary regulatory consents have been received and the pipeline connection to the KUB-Gas production facility has been completed. The well is expected to produce between 3 and 3.5 MMcf/d (2.1 to 2.45 MMcf/d net to the 70% Kulczyk Oil interest in KUB-Gas). Current KUB-Gas production is approximately 6 MMcf/d (4.2 MMcf/d net to KOV).

Kulczyk Oil is very pleased with the results of work done on the KUB-Gas assets since the acquisition in June 2010. The work program for 2011 will principally target the comprehensive and efficient exploitation of the Olgovskoye and Makeeevskoye Fields. This will involve the drilling of new wells, the completion of new zones in existing wells, dual completions, stimulation treatments using modern and technically advanced methods commonly used elsewhere in the world and the effective implementation of a compression strategy.


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