Cardinal Resources Confirms Find on Dubrivska License

Cardinal Resources says the Dubrivska (DB) #2 exploratory well has been drilled to a total depth of 3,806 meters with the primary objective of testing a potential carbonate reservoir in the Visean Carbonate Plate. Work on this well was started by Rudis Drilling Company in June of 2005 prior to its acquisition by Cardinal in October 2005. It was drilled using Ukrainian equipment with total depth reached in March 2006. The well, which is covered by a 50/50 joint activity agreement (JAA #429) with Ukrgazvydobuvannya (Ukrgaz), encountered encouraging hydrocarbon indications within the Carbonate Plate; however, tests of the primary objective recovered non-commercial quantities of light oil.

A secondary objective in the Visean-19 (V-19) formation between 3,420 and 3,430 meters was also tested with encouraging indications of gas and condensate. Tests to date of the V-19 have produced at an undetermined rate a mixture of gas, condensate and water, with water dominating. Log analysis indicates that the V-19 is hydrocarbon bearing and Cardinal believes the water is most likely coming from a water-bearing sand below the V-19.

With the presence of hydrocarbons on the Dubrivska license confirmed by the DB #2 well, Cardinal has begun a 3-D seismic survey covering approximately 25 square kilometers on the license, the results of which should be available by spring 2007. The seismic will be evaluated in conjunction with the V-19 and Carbonate Plate hydrocarbon indications to decide whether further drilling on the license should take place. The DB #2 well has been temporarily abandoned pending the results of the 3-D survey.

An agreement has been made with Ukrgaz to take wells #18 and #26 on the Kulickykhin Field out of JAA #429 and return them 100% to Ukrgaz. Production at these wells has declined significantly since the beginning of the year July production averaged 42 boepd versus 256 boepd in February. In return, Ukrgaz has verbally agreed to complete the North Yablunivska (NY) workovers of wells #201, #203 and #300 at their expense. The workover of NY #203 is ongoing.

Well #4 on the North Yablunivska (NY) license, which is covered by JAA #429, has spudded. The objective is the Tournaisian 1 (T-1) reservoir and total depth is to be 5,400 meters. The well is being drilled with a Ukrainian rig hybridised with modern drill bits and mud conditioning equipment.


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