Indusmin Energy Completes Second Ukraine Well

Indusmin Energy has completed the rework on Well #11 in its Krasnopolanske gas field in West Crimea, Ukraine.

Geophysics indicates four pay zones with an open outflow rate of 46,000 cubic meters of gas per day, and a stabilized flow of 32,000 cubic meters a day. This is the second rework that the company has successfully accomplished in the Krasnopolanske field; a previous well was reworked, completed in January 2002. The additional flow capacity of this second productive well allows Indusmin to enter into discussion for a gas sales contract with state-owned gas distribution companies in the region. Upon completion of this month's financing, the company plans to start a third rework in the same field.

"The rework results exceed our initial expectations and confirm accuracy on existing data, and give us confidence to rework additional wells on the Krasnopolanske gas field," reported Carlos Munoz, President and CEO, Indusmin Energy Corp.