Otis Updates Progress on Sombrero Proj.

Otis Energy Limited provided the following update on progress at its Sombrero project, located in New Mexico (Otis Energy 5% WI, 3.75% NRI).

The WC 35 State # 1 is now currently at a depth of 11,100 feet (3,383 meters) after day 34 of drilling. Mudlogging operations began at 3,500 feet (1,066 meters) and will continue to target depth of 11,750 feet. It is expected that the well will reach target depth in the next three to four days at which point it will be further evaluated by electric logs and possibly sidewall cores.

This WC 35 State # 1 Well will test the Wolfcamp/Cisco formations at a total depth of approximately 11,750 feet (3,581 meters).

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