Gallic Energy Spuds Ossun-2 Well in France

Gallic Energy has announced that it has spudded the Ossun-2 well located in the Aquitaine Basin in Southern France.
The Ossun-2 well is a re-entry of a Societe Nationale des Petroles d'Aquitaine well bore previously drilled in the late 1960s. The well will be re-entered to a total measured depth of approximately 9,843 feet (3,000 meters) and will target three key formations including the 656-feet (200-meter) thick Cretaceous Flysch Carbonate, where SNPA had previously encountered natural gas shows that were never tested or produced.
Well results are expected within 20 to 60 days dependent upon re-entry conditions and progress. 
Gallic's second drill site, Azereix-1, is also being prepared for re-entry. The wellsite construction is nearly completed and the new wellhead is presently being installed on the existing surface casing. The current plan is to re-enter the Azereix-1 well immediately after the Ossun-2 well. 
On Nov. 2, 2011, the company announced results from independent reserve consultants GLJ Petroleum Consultants Ltd. on the undiscovered petroleum initially-in-place (effective Sept. 30, 2011) resource potential for the geologic plays to be tested by the Ossun-2 and Azereix-1 wells. The report indicates the Mean estimate of the distribution of UPIIP for the Ossun-2 play at an unrisked 248 billion cubic feet of gas (Bcf), and unrisked 457 Bcf for the Azereix-1 play plus 2.2 million barrels of liquids. 
"We are excited to commence the Ossun-2 well in France and are hopeful that we can add significant gas reserves to France's domestic natural gas production. Our proposed two well re-entry program in the Aquitaine Basin in France in the first quarter of 2012 is a significant step for the Gallic organization towards development of our France and European growth strategies," said Gallic President and CEO William H. Smith.
Gallic is the 100% Owner and Operator of both the Ossun-2 and Azereix-1 wells. 



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