Interra Completes CHK 1176 Well in Chauk Oil Field as an Oil Producer

Interra Resources Limited (the Company or Interra) reported Wednesday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has completed development well CHK 1176 in the Chauk oil field in Myanmar as an oil producer.

Interra has a 60 percent interest in the Improved Petroleum Recovery Contract of the Chauk field and also owns 60 percent of Goldpetrol which is the operator of the field. CHK 1176 was drilled as a deviated well employing a hired rig to a measured depth of 3,721 feet. Interra’s share of the cost of drilling was funded from existing funds on hand.

CHK 1176 is arguably the most technically challenging well ever drilled by Goldpetrol. The well was drilled under the Ayeyarwaddy River from the east bank employing state of the art directional drilling techniques. Several additional reservoir targets were encountered along the deviated well bore.

CHK 1176 has been completed through casing perforation over 55 feet covering five reservoirs at 185 barrels of oil per day with (of significance) no water production. This indicates the presence of possible untapped reservoirs which, following technical analysis of CHK 1176, may potentially lead to future directional drilling opportunities in prospective areas in the Chauk and Yenangyaung oil fields.

CHK 1176 marks the twenty-second well to be completed as an oil producer in Myanmar in 2013.

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