Valkyries to Drill Lagansky Well in Caspian Sea

Lagansky Block - Caspian Sea
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Valkyries Petroleum says that preparations are underway for drilling the Company's first exploration well on the Lagansky Block, located offshore in the Russia sector of the Caspian Sea. New 2D seismic has been acquired which confirms several drillable prospects on the Block. The Company is currently converting a set of shallow draft barges for the drilling operations. Valkyries expects to spud its first well at the end of the second quarter of 2006, targeting the large Morskoye prospect. The prospect is located in approximately 2 meters of water offshore. Drilling will target three main Cretaceous and Jurassic reservoirs with depths ranging from 800 to 1600 meters.

The Lagansky Block encompasses over 2,000 square kilometers and is located immediately adjacent to and directly on trend with Lukoil's recently announced major new oil discovery - considered one of the largest new discoveries in Russia over the past 10 years.

The discovery well on Lukoil's new field, which has been re-named V. Filanovsky (formerly Rakushechnoye), was reported in a Lukoil news release dated January 25, 2006 to flow at a rate of 800 tons per day (approximately 6,240 bopd) of ultra-light (44 degree API), water-free, low-sulfur oil. Lukoil has reported that a multi-well development program is planned for this new field.

Keith Hill, President of Valkyries, commented, "The discovery of a major new offshore Caspian field in close proximity to and on trend with one of our key prospects adds an exciting new dimension to the play. We look forward to the possibility of confirming the extension of this success into our Lagansky Block."

Valkyries Petroleum Corp. is an upstream oil and gas company with exploration and producing interests in Russia and is currently in advanced stages of evaluation and negotiation on several additional projects in Russia.

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