Heritage Oil Mobilizes Rig to Kingfisher-1 Wellsite in Uganda

Heritage Oil Corp. on Wednesday announced that the mobilization of the drilling rig to the Kingfisher-1 wellsite in Block 3A, Uganda has commenced.

The Kingfisher-1 well is expected to spud during the next 2 months and will be the first of a possible two-well initial program in Block 3A. The Kingfisher prospect extends out into Lake Albert but can be conveniently drilled vertically from the lakeshore.

Kingfisher-1 will target a large structural high that is expressed at surface on the lake-bed and has been defined by two 2D seismic surveys. This prospect has the potential to contain significant reserves of oil. The well will be drilled to a likely depth of 3,000 to 4,000 meters and will target multiple potential objectives. Heritage is the operator of Block 3A with a 50% interest. Tullow Oil owns the remaining 50%.

Exploration prospects for drilling in the Lake Albert area have improved substantially following the completion of the Waraga-1 well test in Block 2 in July 2006. Block 2 lies immediately north of Heritage's permit. Hardman Resources (operator) and its joint venture partner, Tullow Oil, reported this month that the well test produced an aggregate maximum flow rate of 12,050 bpd from three zones. The oil quality of 8,400 bpd was 33.8 degrees API, while the remaining 3,650 bpd was 18.6 degrees API. The Waraga-1 well has reportedly been suspended awaiting completion and potential future production.

“The test results from the nearby Waraga-1 well have significantly increased the exploration potential of the Albert Graben,” said Micael Gulbenkian, Heritage’s chairman and CEO. “The very substantial flow rates from the production test suggest highly permeable reservoirs. As the Kingfisher-1 well is targeting the same reservoir formations as Block 2, it makes the Kingfisher prospect an extremely attractive exploration opportunity.”

Heritage is an international oil and gas corporation with a producing property in the Sultanate of Oman, a development property in Russia, and exploration projects in Uganda. The company announced the sale of its interests in the Republic of Congo, subject to certain conditions precedent, on June 7, 2006. Through its subsidiary KPC, the company has entered into two memoranda of understanding with the Government of Kurdistan, Iraq. Heritage Middle East, which is focusing on Iraq, has an office in Amman, Jordan.

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