KHA-401 Well in Yemen to be Suspended

Soco International's majority owned subsidiary, Comeco Petroleum, Inc., through which the Company holds a 16.785% interest in the East Shabwa Development Area in Yemen ("ESDA"), announces the results of the initial well of an appraisal and development drilling program targeting the Basement in the Kharir Field. This well is the first of three wells planned for 2004.

The KHA-401 well spudded on August 17, 2004 reaching a total depth of 3,873 meters. The well was drilled to test the potential of the downthrown fault block at the far eastern end of the field. It was located away from the more prospective crestal area of the field in order to avoid the possibility of a secondary gas cap. The main objective of the well was to test the development of potential productive fractures at depth, over 600 meters below the top of the Basement and well below the level encountered in previous wells in to the Basement.

Both oil and gas shows were encountered and initial log results indicated that there were two thin zones of interest in the Upper Biyad Cretaceous reservoir and some 340 meters of inferred fractured Basement. The well was suspended to allow for the rig to be moved to the next location. Limited testing, due to a poor cement bond at the casing shoe, was carried out including acidization, utilizing a workover unit between October 26 - 31, 2004.

Initial interpretations of the test results of the well indicate that the well encountered reservoir but the fracture development is inadequate to support economic production at this depth and location. It does however provide valuable information on the depth below top of Basement for the potential for water injection as an option for the required pressure maintenance planned for the full development of the structure.

Currently the well is suspended while options for side-tracking the well to a shallower location are explored.

The second well in the Basement drilling program, the KHA-402, is currently drilling an 8-1/2" section at 2,986 meters.

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