Aminex Completes Third South Weslaco Well

Aminex reports the successful testing, fracturing and completion of GU #37, its third well in the South Weslaco Field, Hidalgo County, Texas. The well tested gas at over 2.5 million cubic feet per day ("mmcfd") on a 9/64" choke and has been placed on initial production with a temporary restricted choke at approximately 1 mmcfd.

GU #37 was drilled to a depth of 11,000 in October 2006 and identified multiple sands in the Frio formation. Aminex already produces gas in two neighbouring wells from shallower Frio sand but the objective of GU#37 was to establish commercial production from a deep zone in the Frio sand. Over a long period of time strenuous efforts have been made to stimulate this deeper zone, the alternative being to abandon the Lower Frio formation and complete an interval higher up the well bore which would have eliminated the possibility of ever producing from the Lower Frio interval. This month the joint venture decided to risk carrying out a heavy fracture of the deeper formation, which has proved successful, resulting in a flow rate of over 2.5 mmcfd and establishing the commercial potential of the deeper zone.

Two other previously drilled wells, GU#35 and GU#36, have been on production for some time and Aminex and partners have now proved up gas reserves in excess of 20 billion cubic feet in this field. The incremental production from GU#37 will have a significant positive impact on future cash flow with immediate effect. Drilling of a fourth well is planned towards the end of this year with further development drilling in 2008.

Following a reorganisation of joint venture interests Aminex has now increased its interest in this well from 12.5% to 25%. Apache Corporation operates the production facilities.

Aminex Chairman Brian Hall commented:

"The successful frac of a deep zone in GU#37 greatly enhances the potential of our South Weslaco producing property and points the way to further drilling. It is the first successful well result since the closing of our recent Rights Issue and institutional placing."


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