"Following the completion of Well #21 of Karaikozovsk field in Eastern Ukraine, we have delineated Karaikozovsk block which allowed us to commission the reserve report on the property," said Bobby Long, Sunrise's Chief Technical Officer. "The Company's geologists are currently preparing the information required to conduct the reserve review and we expect the reserve report to be completed in 2007.
"The key element in this license is a salt dome that historically has provided a focus for the migration and trap of hydrocarbons. Moreover, this license located in Dnepr-Donets Basin of Ukraine is adjacent to a large Sakhalinsk field with the potential reserves of approximately 670 bcfe that also has a salt dome as its key structural element making Sakhalinsk a close analog of Karaikozovsk property. We are also excited about the prospects of Rakitnyansk field which has a relatively simple geological structure and one existing well that tested gas and is current being re-entered."
Sunrise Energy Resources, Inc., through its wholly owned subsidiaries, Esko Pivnich and Pari, engages in the exploration and production of oil and gas in Ukraine. The Company produces from Karaikozovsk field in the Eastern Ukraine and develops Rakitnyansk, and Rogan properties in the Eastern Ukraine as well as Peremyshlyansk, Chukvinsk, Niklovitsk, Pilipivsk and Sheremetyevsk properties in the Western Ukraine.
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