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Interra Spuds CHK 1180 Well in Chauk Oil Field in Myanmar

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Interra Resources Limited (the Company or Interra) revealed Tuesday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well CHK 1180 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 1180 is being drilled using hired ZJ 750 rig to a total measured depth of 3,400 feet. Interra’s share of the cost of drilling will be funded from existing funds on hand.

CHK 1180 will be the third well drilled directionally under the Ayeyarwaddy River in northern Chauk field as a north offset to the very successful first well, CHK 1176, which was completed in December 2013 at 185 barrels of oil per day (bopd) and is currently producing 160 bopd and no water. The second, CHK 1178, was completed as an oil producer today.

CHK 1180 will be the most challenging of the three with a planned deviation of over 38 degrees and a lateral displacement of over 1,300 feet. The primary objective is to accelerate production from the oil reservoirs that produce from CHK 1176 and older wells 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.

As mentioned earlier, Interra has completed development well CHK 1178 in the Chauk oil field in Myanmar as a significant oil producer.

CHK 1178 was drilled as an deviated well using hired ZJ 750 rig to a total measured depth of 3,027 feet. Interra’s share of the cost of drilling was funded from existing funds on hand.

CHK 1178 is the second well to be drilled directionally under the Ayeyarwaddy River in the northern portion of the Chauk field, following the very successful CHK 1176. The primary objective is to accelerate production from the oil reservoirs in this fault block and after 5 days of production testing, CHK 1178 has been completed at 45 bopd.

CHK 1178 marks the second well to be completed as an oil producer in Myanmar in 2014.

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