Dana Hits Paydirt at Platypus Prospect

A significant gas discovery was made on the 48/1a-5 well at the Platypus prospect. Drilled by the GSF Labrador jackup in a water depth of roughly 142 feet (43 meters) to a total measured depth of 11,048 feet (3,367 meters), the well targeted a high quality Rotliegend age, Lower Leman prospect. Some 218 vertical feet (66 meters) of good quality gas bearing sands were encountered in the well, and an extensive set of wireline log data is being acquired over the reservoir section. Preliminary analysis indicates that the reserves discovered correlate with pre-drill estimates of approximately 130 Bcf of gas. Once logging is complete, a multi-rate drill stem test will be performed, and the complete data set will then be analyzed to assess development options. The 48/1a-5 well will be suspended for potential re-entry and future use as a gas production well. Dana Petroleum serves as the operator of Platypus and holds a 40% interest; Endeavour holds a 25% interest; Cal Energy holds a 15% interest; XTO Energy holds a 15% interest; and CMI holds the remaining 5% interest.

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