PetroKamchatka Relinquishes Licenses in Russia

PetroKamchatka has relinquished the exploration licences for the Urginskaya, Pustaretskaya, and Palanskaya exploration blocks in Kamchatka, Russia. These non-core exploration blocks are located adjacent and to the north of the Tigil exploration block where the Company recently drilled two unsuccessful exploration wells. PetroKamchatka, through various operating subsidiaries, held 90% to 100% interests in the three blocks and have incurred minimal capital expenditures to date.

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