Kulczyk Oil Begins Drilling Olgovskoye-18 Well in Ukraine

Kulczyk Oil reported that the Olgovskoye-18 ("O-18") well in Ukraine commenced drilling on October 6, 2011. The well is operated by KUB-Gas LLC ("KUB-Gas"), a partially-owned subsidiary in which KOV has a 70% effective ownership interest.

Olgovskoye-18 Exploration Well

The O-18 well, with a planned total depth ("TD") of 2,300 metres, will test gas-bearing reservoirs of Muscovian age to further develop the gas production capability of the Olgovskoye Field. The drilling of the O-18 well is expected to take 35 days.

Olgovskoye License

The O-18 well is the fifth new well drilled on the Olgovskoye License 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 and 2012 which has involved the drilling of new wells at O-8, O-9, O-12 and O-14. The O-9 well recently commenced commercial production at a rate of approximately 2 million cubic feet per day ("MMcf/d"), resulting in an increase in total production from the Ukrainian assets to more than 12 MMcf/d (8.4 MMcf/d net to KOV) as disclosed in the KOV news release dated September 30, 2011. The O-12 well was recently production tested at a maximum rate of 8.1 MMcf/d and is expected to be tied-in for commercial production later in 4Q 2011 as disclosed in a KOV news release dated October 4, 2011. The Olgovskoye Field currently produces from 5 wells (O-3, O-4, O-5, O-7 and O-9) with each well producing from a separate horizon.

KUB-Gas owns a 100% interest in the Olgovskoye, Makeevskoye, North Makeevskoye, Krutogorovskoye and Vergunskoye licenses in the Lugansk area of Ukraine.

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