Repair Efforts Continue at Rialto's Gazelle Well

Rialto Energy Limited provided the following weekly update on drilling operations at the Gazelle-P3 Well as at 06:00 hours, April 1, 2012 (GMT).

The Gazelle-P3 well was spudded on March 12, 2012 using the Transocean jackup GSF Monitor (350' ILC). The well is the first of an overall three well drilling program on CI-202 that is anticipated to take six months to complete, together with testing.

The well has been drilled to a depth of 3,510 feet (1,070 meters), at which point the drill-pipe became stuck. During the process of trying to free the drill-pipe, mechanical problems with the rig equipment occurred and are currently being rectified by the drilling contractor, Transocean. It is estimated that the repairs to the rig and the subsequent operations to remedy the stuck-pipe situation will take 2 weeks after which normal drilling operations will resume.

"We have experienced some delays during the beginning of our drilling program but are working very closely with our drilling contractor, Transocean, to implement repairs and recommence drilling as soon as possible. We are very confident in our drilling team and once the rig equipment is repaired all efforts will be made to avoid further disruptions, and to ensure that the drilling is completed as efficiently and expediently as possible as we continue with our 3 well program," said Chief Operating Officer Charlie Nieto.

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