Rally Spuds Exploration Well in Pakistan

Rally Energy reports that the Al-Baraka-1 (Zindapir Prospect) exploration well spudded on July 20, 2007 at the Safed Koh Concession in Pakistan, 37 kilometers south of the Salsabil Field, utilizing the Z-30 rig, to test a large seismically defined structural closure. Target depth is 2,100 meters. It is estimated that the well will be drilled and tested in 60 days.

A second rig, Z-40, is currently being mobilized to the Salsabil Field and is expected to commence drilling the Dewan-5A development well by the end of August 2007. Target depth is 3,200 meters. It is estimated the well will take 65 days to drill and an additional 30 days for testing.

Current production from the two producing wells in the Salsabil Field is 18 mmcf/d (5.4 mmcf/d or 900 boe/d, net) and improving.

The Government of Pakistan announced last week a new five-year energy policy to encourage investment in the oil and gas sector. Under the 2007 Policy, all new discoveries such as the Zindapir well, if successful, will qualify for higher oil and gas prices. The Corporation and its partners in the Safed Koh Block in Pakistan are currently studying the relevant details of the Policy and are in contact with Government officials to determine if the new gas prices will apply to the Salsabil Field.

EGYPT

Rally Energy also says that the fourth delineation well drilled on the West Issaran discovery has encountered 136 feet of oil pay in the Upper Dolomite zone and 204 feet of oil pay in the Lower Dolomite zone. Several more wells are planned before year-end 2007.

PRODUCTION

Current corporate production is approximately 7,250 boe/d, with 6,350 boe/d from the Issaran Field in Egypt and 900 boe/d from the Salsabil Field in Pakistan.

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