Horn Petroleum Updates Shabeel Drilling Activities

Horn Petroleum Corporation updated the market on the drilling operations on the Shabeel well in Puntland, Somalia. Horn is the Operator and holds a 60 percent working interest in the Dharoor and Nugaal Valley Production Sharing Agreements ("PSA's") along with working interest partners Range Resources (20 percent) and Red Emperor (20 percent).

The Shabeel well is currently at a depth of 8,868 feet (2,703 meters) and had just completed the setting of the 9 5/8" casing. The well drilled through primarily tight limestones and shales of Lower Tertiary to Upper Cretaceous age and encountered a 1,165 feet (355 meter) section of Upper Cretaceous sands and shales of the Tisje / Jesomma Formations at a depth of approximately 5,446 feet (1,660 meters). The sands in this interval exhibited both oil and gas shows and petrophysical analysis of downhole electrical logs indicates a potential pay zone of between 39 and 66 feet (12 and 20 meters) in the section. Attempts to sample formation fluids using a wireline formation tester were not successful and thus the zone will require cased hole testing to confirm whether they are oil bearing. At a depth of 6,611 feet (2,015 meters) a thick section of tight limestones and shales was encountered extending to the present depth of 8,868 feet (2,703 meters) which is believed to correspond to the Upper Cretaceous Gumburo Formation.

The forward plan on the well will be to drill ahead to the originally planned depth of 12,467 feet (3,800 meters) to evaluate the primary and secondary reservoir targets in the Lower Cretaceous and Jurassic intervals equivalent to the main productive section seen in the analogous fields in Yemen. A testing program including the zones of interest seen to date and any deeper potential pay zones identified will be agreed with partners at that time. Upon completion of this well, the Company plans to move the rig to the Shabeel North location on which construction is nearing completion.

Horn President and CEO David Grellman stated, "We are encouraged by the results to date and pleased that we have confirmed the presence of an active petroleum system in the Dharoor Valley. We look forward to drilling ahead into the primary objectives of the well and hope to confirm the shallow prospective zones by testing in the near future."


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