Oilexco Tests Oil at Huntington from Forties Sand

Oilexco Inc. said that its wholly owned subsidiary Oilexco North Sea Limited and its partners have successfully drill stem tested the Paleocene Forties sand in its recently announced multiple zone light oil discovery on its 40% owned Huntington Prospect in Block 22/14b in the UK Central North Sea. Oilexco's partners in the discovery are Altinex Oil (UK) Limited (20%), E.ON Ruhrgas UK Exploration and Production Limited (25%), and Carrizo Oil and Gas, Inc (15%).

The discovery well 22/14b-5 was drilled to a total depth of 13,325 feet. The Paleocene Forties sand at 8,960 feet was drill stem tested through perforations from 8,975 feet to 9,025 feet in 98 feet of oil bearing Forties sand. The test flowed 41 degrees API oil at a up to a maximum rate of 5577 Bbls/d and associated gas at an estimated rate of 3.4 MMscf/d through a 72/64 inch choke with a flowing tubing pressure of 395 psi. There was no water or sand produced during the test. Flow rates were severely restricted by the test equipment utilized for the test.

Further appraisal of the Huntington oil accumulations are planned for the fourth quarter using one of Oilexco's two long term contracted semi-submersible drilling rigs. The structures tested by the 22/14b-5 well are significant. This appraisal will confirm the size of the structures which will aid in the definition of potential development solutions going forward.

"This test confirms the significance of the Paleocene Forties oil accumulation at Huntington," said Oilexco President and CEO Arthur Millholland. "This result combined with the results from the deeper Fulmar oil accumulation suggest that Huntington could eventually be a significant new North Sea oil development."

Oilexco Incorporated is a Canadian Company engaged in oil and gas exploration and production in the United Kingdom. The Company's efforts are solely focused on the UK Central North Sea, specifically in the Outer Moray Firth and Central Graben areas. Oilexco's operations in the United Kingdom are conducted through its wholly owned subsidiary, Oilexco North Sea, a company registered under the laws of England and Wales.

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