Roc Oil to Begin Rio Muni Drilling Program mid-2004

Roc Oil has initiated discussions with relevant parties with regard to contracting a drilling rig for the Company's first operated deepwater well in the Rio Muni Basin, offshore Equatorial Guinea, West Africa. Subject to successful contract negotiations, it is anticipated that the well will start drilling in mid-2004 on one of several high graded prospects identified as a result of the interpretation of a high resolution 1,400 square kilometer 3D seismic survey acquired in 2001.

Atlas Petroleum is the operator of Block H, Roc Oil is the technical manager and holds a 35% stake; Sasol Petroleum is also a stakeholder.