Contact Exploration Halts Operations at Parson's Pond Well

Contact Exploration reports that the Parson's Pond No. 1 well currently being drilled in West Newfoundland, Canada encountered a fault zone at approximately 1,060 meters that prevented further drilling with the existing drill string. In order to allow for drilling deeper into the Daniel's Harbour target zone and or a completion for potential up hole horizons the drill string was cemented in place. Due to spring breakup the drilling rig is going to be released. Over this period of time the well participants will be reviewing all technical data obtained to determine the optimum way to proceed.