Elixir Petroleum reports that Well No. SL 103229 at the Pompano Project reached total depth on Saturday Jan. 26, 2008 at 7,821 feet Measured Depth. Gas returns in the mud were encountered while drilling the primary targets. Several zones were logged while drilling and were found to be gas bearing in the 6,700 sands, the A sands and the B sands.
Following measurement of formation pressures, the logged pay encountered is considered commercial and the joint venture has elected to complete Well #1 as a producer. Completion activities will commence immediately together with platform and flow line refurbishment. It is expected that the completion of Well #1 will take 15 days.
The Participants in Well #1 and their respective working interests are Elixir with 25%, Buccaneer Energy with 65%, Baron Petroleum with 7.5% and Streamline Exploration with 2.5%.
Elixir's 25% working interest in Well #1 will be reduced by 5.0%, pursuant to a back-in arrangement with the operator, once Elixir has recouped its total investment in the well, plus 20%.
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