Max Petroleum, Saipem Enter Kazakh Drilling Contract

Max Petroleum has entered into a contract with Saipem, a subsidiary of Eni, S.p.A., for a National 1625 DE onshore drilling rig for its deep, pre-salt exploration program. The contract secures the use of the 3,000 hp rig to drill a minimum of two deep wells in the Company's Blocks A&E license area.

The Company plans to commence drilling the NUR-1 well on the Emba B prospect in Block E during August 2011, targeting unrisked mean resource potential of 467 million barrels of oil equivalent ("mmboe") distributed over a probable range (P90 to P10) of 170 million to 817 million mmboe with a 29% geological chance of success.

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