Interra Spuds CHK 1178, CHK 1179 Wells at Chauk Oil Field in Myanmar

Interra Resources Limited (the Company or Interra) disclosed Monday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well CHK 1178 in the Chauk oil field in Myanmar.

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 1178 is being drilled by using hired Sinopec Services ZJ 750 rig to a total depth of 3,300 feet. Interra’s share of the cost of drilling will be funded from existing funds on hand.

CHK 1178 will be the second well drilled directionally under the Ayeyarwaddy River in the northern Chauk field, following the very successful well CHK 1176 which was completed in December 2103 at 185 barrels of oil per day. The primary objective is to accelerate production from the oil reservoirs in this fault block.

Interra estimates that the results of the drilling and completion should be available in approximately six weeks. The Company will announce the results of the drilling operation as soon as they may be ascertained as well as updates reflecting critical or unexpected events during drilling.

Separately, Interra Resources has also commenced drilling development well CHK 1179 at the Chauk oil field.

CHK 1179 is being drilled by using Goldpetrol’s ZJ 450 rig, thus drilling costs are expected to be relatively low. Interra’s share of the cost of drilling will be funded from existing funds on hand.

CHK 1179 will be drilled to a targeted depth of 3,800 feet as an infill development well in the southernmost producing fault block of the Chauk field. The primary objective is to accelerate production from the oil reservoirs that have not been previously drained in this fault block by offset wells.

Interra estimates that the results of the drilling and completion should be available in approximately six weeks. The Company will announce the results of the drilling operation as soon as they may be ascertained as well as updates reflecting critical or unexpected events during drilling.

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