Kulczyk Oil Cases Ukraine Makeevskoye Well for Testing

Kulczyk Oil Ventures Inc. announced the M-21 well in the Makeevskoye Field, in north-eastern Ukraine, has been cased to total depth ("TD") after encountering several gas-bearing reservoirs one of which correlates to the producing zone in the M-19.

M-21 Well

The M-21 well, which was drilled to a TD of 7,251 (2,210 meters), encountered two potential gas-bearing zones. The first zone, which was encountered at a depth of 4,757 feet (1,450 meters) in the Muscovian portion of the well, appears to have 20 feet (6 meters) of gas pay based upon interpretation of wireline logs. This zone correlates to the producing zone in the M-19 well which is approximately 59 feet (18 meters) in total thickness and which produced gas at an average rate of approximately 5.3 million cubic feet per day ("MMcf/d") (3.7 MMcf/d net to KOV) in the month of February 2012. The second potential gas zone was encountered at a depth of 6,939 feet (2,115 meters) in rocks of Bashkirian age. This second zone, a new zone which has not previously been tested in the area, appears to have approximately 33 feet (10 meters) of gas pay based upon interpretation of wireline logs. Production testing of the M-21 well is expected to commence in the second quarter of 2012.

Next Well

The drilling rig will now be moved to a new location on the North Makeevskoye license area which was acquired by KUB-Gas approximately 15 months ago. The new well, called North Makeevskoye-1 ("NM-1") will be the first well drilled on this large 19,050 hectare (47,073 acre) license.


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