Ascent Completes Frac Stimulation at Slovenia Proj.

Ascent Resources has completed the fracture stimulation of the Pg-11A well at the Petišovci Project ('the Project') in Slovenia. The testing of the shallowest of the three stages has already indicated good productivity and will be further tested to ascertain flow capability. With the high productivity and due to the resulting high pressures, a revised procedure is being prepared for the clean-out and testing of the two deeper stages.

Both the Pg-10 and Pg-11A wells have been drilled and completed into the deeper Miocene sands of the Petišovci Project in Slovenia. A three stage fracture stimulation treatment was pumped in Pg-11A at depths between 3,010m and 3,250m. So far only preliminary test results from the shallowest stage are available and the interval is not yet fully cleaned up with gas being produced along with spent fracture fluids. Results from the testing of all three stages of Pg-11A will be announced once definitive test results are obtained.

Once the clean-out of Pg-11A is completed, it is planned that operations will commence on the Pg-10 well where a four stages stimulation treatment is planned for the equivalent Miocene reservoirs.

Ascent's Managing Director, Jeremy Eng commented, "The indications from the first test of the fracture treatment on the Pg-11A well are very encouraging and it is clear that the improvements in fracture stimulation technology in recent years have worked well in these formations. Results so far obtained are more than adequate to support the further development of these resources."

The Petišovci Project is a joint venture between Geoenergo d.o.o. a Slovene company that is the concessionaire and which holds a 25% interest in the project and Ascent Slovenia Limited, a wholly owned subsidiary of Ascent Resources plc, which holds a 75% interest in the project.