Victoria Petroleum to Test West Florence-1

Victoria Petroleum N.L. advises that testing of the West Florence-1 well is planned for the third week of July 2007 to evaluate the oil and gas shows observed while drilling the primary target, the Muddy J sand and two zones in the underlying Main Dakota Formation. The Operator, Mountain Petroleum Corp. advises that 4 1/2-inch production casing has been run and set at a depth of 1,956 meters in West Florence-1.

Good mud log gas shows were recorded within the Muddy J sand and underlying Main Dakota sand over the gross 53 meter interval of 1,861 meters to 1,914 meters. Wire line log analysis of this mud log show interval indicates net gas pay of 7.6 meters with fair to good porosity.

Additional oil shows were observed in the Codell Formation sand and over large gross intervals of the secondary target Niobrara Formation and the Pierre Shale. The Niobrara and Pierre Shale formations require fracture stimulation to be oil productive as in the adjacent oil producing wells of the Florence Oil Field.

The forward program is planning of the production testing through casing of the net gas pay interpreted for the Muddy J sand and two sand zones in the Main Dakota Formation. It is planned that production testing will commence in the third week of July 2007.

In keeping with the encouraging drilling results seen in the West Florence-1 well, the West Florence Oil and Gas Project participants have secured the rights to acquire up to a 70% working interest in an additional 13,000 acres of leasehold adjacent to the currently held 12,000 acres of 100% working interest leasehold by carrying out a farmin drilling program.

The total gross leasehold of 25,000 acres provides the participants in the West Florence project with a significant leasehold position.

West Florence-1 is the first well to be drilling in the West Florence Oil and Gas Project and its associated leasehold of 12,000 acres located in the Florence sub basin of the Denver basin. The leasehold is approximately 160 kilometers south of Denver, Colorado, USA. The project area is to the west of the Florence Oil Field, which produced approximately 15 million barrels of oil from fractured shales of the Pierre Formation in the 1940's.

The petroleum potential resource for the West Florence Project is estimated to be in the order of 100 200 billion cubic feet of recoverable gas in the sands of the Muddy J and Dakota Formation and additionally around 15 million barrels of recoverable oil cumulatively from the Pierre, Niobrara and Codell formations, if oil and gas is present.

Commenting on the gas and oil shows seen in West Florence-1, Victoria Petroleum managing director John Kopcheff said:

"Victoria Petroleum is pleased to have seen such encouraging drilling results from our first well in the project"


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