Sky Petroleum reported that during the fourth quarter ending December 31, 2009 Mubarek production from the K2-ST4 well totaled 15,363 barrels of oil or 167 bopd and production from the H2 well totaled 2,197 barrels of oil or 24 bopd.
During the year ended December 31, 2009 Mubarek production from the H2 and K2-ST4 wells was 78,577 barrels of oil. The Mubarek K2-ST4 well produced 73,766 barrels of oil or 202 bopd during the 2009 fiscal year. During the same period the Mubarek H2 well produced 4,811 barrels of oil despite being shut down for more than 8 months.
As previously disclosed Buttes Gas and Oil Co. International, Inc., the wholly owned subsidiary of Crescent Petroleum Company International Limited and operator of the Mubarek Field, provided Sastaro Limited, Sky Petroleum's wholly owned subsidiary, written notice that Buttes had determined that the Mubarek Field had reached the end of its economic life. Management is evaluating its rights under the Participation Agreement and will take any and all actions required to protect the interests of Sky Petroleum, its shareholders and its investment in the Mubarek Field.
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