Calibre Energy Issues Update on Kurdistan Well

Calibre Energy, Inc. said that the Bina-Bawi 1 exploration well was at a depth of 3,355 meters (11,007 feet) and has completed logging the lower part of the hole.

Earlier in the drilling of the Bina-Bawi 1, oil was recovered from the drill string during a fishing operation from intervals in the Upper Cretaceous at the depths of 550 to 750 meters. The Joint Venture has agreed to commence testing to determine the productive and commercial potential of at least three zones intersected by the well. Furthermore, the Joint Venture anticipates drilling the Bina-Bawi 2 appraisal well upon the completion of the Bina-Bawi 1 in order to evaluate and test the prospective intervals in the Upper Cretaceous.

Headquartered in Washington, DC with operating offices in Houston, TX, Calibre Energy, Inc. is an early-stage oil and gas company with domestic operations in the Barnett and Fayetteville Shales and international operations in Iraqi-Kurdistan.

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