BrazAlta Acquires Rig for Brazilian Work

BrazAlta Resources has acquired a drilling rig with a 2,000 meter plus depth capability for US $2,750,000. The rig is currently located in Houston and will be transported to Brazil with the expectation of development well drilling commencing with the rig after mid year 2006.

As previously disclosed, BrazAlta has executed a strategic alliance with Schlumberger Servicos de Petroleo Ltda. (SLB) through a concessionaire and joint venture partner W.Washington Empreendimentos Participacoes Ltda. ("WWashington"). SLB is the Brazilian subsidiary of the Schlumberger Group.

It still remains BrazAlta's intention to work with SLB under the terms of the strategic alliance on the development lands.

BrazAlta is a publicly traded Canadian based international oil and gas corporation with operations in Brazil, Northern Ireland and Canada.


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