Peak Well Management Extends Bredford Dolphin Contract

Peak Well Management has extended its contract with the Bredford Dolphin semisub for one well with an estimated drilling period of 30 days. The extended drilling program is scheduled to commence in July 2005, resulting in a firm program for the rig continuing to the end of 2005. Estimated contract value of the extension is approximately US $4.35 million. Bredford Dolphin is presently preparing for a two-month drilling program for Total U.K. Ltd. in the UK sector of the North Sea, commencing early May 2005.
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