Direct Petroleum Completes the Deventci-R1 Well in Bulgaria

Direct Petroleum Bulgaria, Ltd., a wholly-owned subsidiary of Direct Petroleum Exploration, Inc. ("DPE"), has completed drilling and logging of the Deventci-R1 well, its first exploratory well on the A-Lovech Block in northwest Bulgaria. Total depth is 5,888 meters (19,313 ft.) in the Lower Triassic Alexandrovo formation. The Deventci R1 is the deepest well drilled in Bulgaria in the last 30 years.

The well encountered gas saturated reservoirs in the Dolni Dabnik member of the Middle Triassic Doirentsi formation. Other potential reservoirs are in the Upper Triassic Rusinovdel and the Lower Jurassic Ozirovo formations.

Casing has been run to 5,876 meters (19,280 ft.) in preparation for extensive testing operations.

DPE is a privately held oil and gas exploration and production company based in Denver, Colorado. Formed in 2003, DPE has operations in Bulgaria, Morocco, United States and Russia.


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