Tanganyika Increases Syrian Production 100%

Tanganyika Oil Company's Syrian gross field production is expected to average between 17,500 and 20,000 bopd, an increase of over 100% in comparison to 2007 average gross field production. This translates into average expected Company net production of between 6,900 and 8,500 bopd, an increase of over 350% in comparison to 2007 average Company net production. This expected production may be broken down between Syrian oil fields as follows: Oudeh is expected average gross field production of between 6,600 and 7,300 bopd (Company net production of between 4,000 and 4,500 bopd); Tishrine is expected average gross field production of between 10,900 and 12,700 bopd (Company net production of between 2,900 and 4,000 bopd).

The Company forecasts 2008 exit rates of between 21,400 and 27,000 bopd, an increase of between 95% and 145% over 2007 exit rates. The expected exit rate may be broken down between Syrian oil fields as follows: Oudeh is expected 2008 gross field exit rate of between 8,900 and 10,700 bopd (Company net production of between 5,500 and 6,800 bopd); Tishrine is expected 2008 gross field exit rate of between 12,500 and 16,300 bopd (Company net production of between 4,000 and 6,000 bopd).

The variance between the upper and lower end of Tanganyika's production guidance is attributable to the planned 2008 step out appraisal drilling in both Oudeh and Tishrine. In Oudeh, it is expected that 11% of the oil wells drilled in 2008 will be outside of the currently defined proved and probable reserve area. In Tishrine, it is expected that 46% of the oil wells drilled in 2008 will be outside of the currently defined proved and probable reserve area.

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