Drilling Commences at YNG 3265 Well in Yenangyaung Oil Field

Interra Resources Limited (the Company or Interra) disclosed Wednesday that its jointly controlled entity, Goldpetrol Joint Operating Company Inc. (Goldpetrol), has commenced drilling development well YNG 3265 in the Yenangyaung oil field in Myanmar.

Interra has a 60 percent interest in the Improved Petroleum Recovery Contract of the Yenangyaung field and also owns 60 percent of Goldpetrol which is the operator of the field. YNG 3265 is being drilled using Goldpetrol’s LTO 350 rig, thus drilling costs are expected to be relatively low. Interra’s share of the cost of drilling is being funded from existing funds on hand.

YNG 3265 is drilled as a southwest up-dip offset to YNG 3252 which was completed in May 2013 as an oil producer. YNG 3265 will be drilled to a targeted depth of 3,050 feet with the primary objective of accelerating production from the oil reservoirs that produce from the wells in this and the adjacent fault block, of which eight have been completed as oil producers in 2012 and 2013.

Interra estimates that the results of the drilling and completion should be available in approximately six weeks. The Company will announce the results as soon as they may be ascertained as well as updates reflecting critical or unexpected events during drilling.


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