Regal Sets 2012 Investment Program

Regal provided an update on its operations in Ukraine.

The Company has finalized its investment program for 2012 at its Mekhediviska Golotvshinska ("MEX-GOL") and Svyrydivske ("SV") gas and condensate fields in Ukraine in order to continue the development of these fields. The investment program includes the drilling of new wells, work-over of existing wells and upgrades to the processing facilities, and it is anticipated that the funding for this program will be sourced from existing cash and operational revenues.

The Company has entered into drilling contracts with local Ukrainian contractors for the drilling of 2 new wells, SV-53 and MEX-105, and preparations for the commencement of drilling are underway. It is anticipated that SV-53 will be spudded in late February 2012 and MEX-105 will be spudded in mid March 2012. Each well will target the Visean reservoirs ("B-Sands"). The SV-53 well is scheduled to take 400 days to reach its target depth of 5,450 meters, and the MEX-105 well is scheduled to take 350 days to reach its target depth of 5,250 meters. It is intended that the Ukrainian drilling rigs will be supplemented by the use of selected western technology and equipment designed to improve drilling operations.

The Company is planning the work-over of 3 existing wells with a view to enhancing production performance of these wells, and an upgrade of methanol equipment at 2 existing wells is also planned.

The Company's gas treatment facility is to be upgraded to enhance the facility's overall efficiency and incorporate compression equipment, and additional upgrade work will provide for LPG recovery.


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