Sky Petroleum to Participate in Mubarek Field

Sky Petroleum has reached a definitive agreement with United Arab Emirates-based Buttes Gas and Oil Co. International Inc., a wholly owned subsidiary of Crescent Petroleum Company International Limited, to participate in an offshore oil and gas project in the Mid East Gulf. The project is a proposed infill drilling program in the Mubarek oil and gas field.

The alliance with BGOI and Crescent unites Sky Petroleum with one of the United Arab Emirates' most established and successful, integrated low-cost operators with over 30 years of extensive experience in the region. As established operators in the Mubarek oil and gas field for over three decades, BGOI and Crescent bring extensive knowledge of the geological formations and reservoir potential of the Mubarek Field.

Mubarek Development Project

The first commercial oil was produced in the mid 1970s in the Mubarek Field, marking the beginning of over three decades of continuous production. The total estimated cumulative recovery to date exceeds 100 million barrels of oil. Sky Petroleum believes that this represents approximately 30% of the estimated original oil in place (STOIIP) of 275 million barrels and that there are significant additional reserves that may be produced by the new infill well program. The Mubarek Field production facilities have the capacity to process 60,000 barrels of oil per day.

The company expects the first phase of a proposed two phase infill drilling program into the Ilam/Mishrif reservoir situated within the Mubarek Field to commence in early 2006.

Financial Structure

Sky Petroleum is budgeting approximately US$25-28 million on infill drilling to maximize its interest in the Mubarek Field project. The company is currently finalizing a financial strategy to fund the required development expenditures along with additional funds for its own operating and working capital needs.

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