Republic of Yemen and Hunt Oil Company Extend PSA

Hunt Oil Company reports that an agreement has been completed and executed with the Ministry of Oil and Minerals of the Republic of Yemen to extend the company's 20-year Production Sharing Agreement (PSA) governing the right to conduct petroleum operations in Marib Block 18 in Yemen. The extension is for an additional five years, which will commence on November 15, 2005, and extend until November 14, 2010.

Ray L. Hunt, Chairman of Hunt Oil Company, said, "We would like to recognize the support and cooperation we received from the Ministry of Oil and Minerals in connection with the granting of this five-year extension, and we look forward to continuing our mutually beneficial partnership with the Republic of Yemen throughout the remainder of this decade."