Kappa Commences Colombian Drilling

Kappa Energy has commenced its 2003 Upper Magdalena Basin exploratory drilling campaign. The 4 well "back-to-back" program, which is operated by its Kappa Resources Colombia Ltd. subsidiary, is expected to take 3 months to complete using a company owned and operated drilling rig. Future drilling plans for other Kappa held acreage in the Middle Magdalena and Catatumbo basins are being finalized.

The drilling campaign commenced with the recent spudding of the Aleli No. 1 wildcat in the Abanico Association Contract on July 31st, 2003. This well is targeting prolific, Upper Cretaceous Guadalupe sandstones at 4000', and will fulfill the 5th Year drilling obligation.

Following completion of Aleli No. 1, drilling activity will shift to prepared leases on the Chipalo Block, and the Maito Block, which Kappa holds in partnership with Tethys Petroleum. The K No. 1 well will test a newly delineated 10km long faulted anticline on the Chipalo Block where "shallow" Guadalupe sandstones are the primary reservoir objective. In the Maito Block, the Estambul No. 1 well will target Lower Cretaceous Caballos sandstones within a large surface anticline. Both of these wells will satisfy required drilling obligations.

Finally, the rig will be moved back to the Abanico Block to drill the last well of the campaign, Abanico No. 4. Permitted as an exploratory well, Abanico No. 4 is designed to establish the productive southern extension of the main Lower Guadalupe pool within the Abanico Field. Given success at Abanico No. 4, Kappa plans to rapidly proceed with full field development by drilling the Abanico No. 5, No. 6, and No. 7 locations, which are currently being permitted. Production from the Abanico Field is anticipated to be in excess of 1000 BOPD by year-end.

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