Roc Oil Expects to Begin Beibu Gulf Drilling Program in Apri

Within the last week ROC had been advised that the semisub, Nanhai IV had made considerable progress at its current operation and it looked as if the rig would be received by ROC by end-March 2004. However, further advice received recently or two suggests that receipt of the rig will be delayed into April, hopefully the first half of April, because of continuing down hole difficulties at the rig's present location offshore China.

Commenting on the latest delay, ROC's Chief Executive Officer, Dr John Doran stated that:

The delay is frustrating for all concerned. However, the operator currently utilizing the Nanhai IV has been very communicative and courteous with regard to keeping ROC informed of the situation and we are absolutely convinced that they are as anxious to release the rig to us as we are to receive it from them. However, until that happens, all ROC can do is to keep its shareholders informed as to how the schedule evolves.

Roc Oil is operator of Block 22/12 and holds a 40% stake.