Pebercan Brings Two Wells Onstream in Cuba

Pebercan reports that the Seboruco 10 and Seboruco 8 were successfully completed.

Drilling of the Seboruco 10 well, located 900 meters East of the Seboruco 6 well, is presently undergoing long-term production tests and produces between 1,500 and 2,000 barrels of oil per day. This success increases in a significant way the potential size of the Seboruco field.

Moreover, drilling of the Seboruco 8 well is also presently undergoing long-term production tests and produces between 850 and 1,300 barrels of oil per day.

Following the successes encountered pursuant to the drilling of these wells, Pebercan has started drilling two new development wells on this deposit, Seboruco 15 and Seboruco 103. These two wells are designed to develop the eastern and southern extremities of the field.

In the context of the development of Seboruco, drilling of the Seboruco 9 well, located between the Seboruco 8 and Seboruco 10 wells, will begin in January 2005 to optimize the drainage of this part of the field.

Finally, drilling on the Santa Cruz exploration well is almost completed. Results pertaining to that well should be available early next week.

Pebercan Inc. is involved in the exploration, development and operation of oil reserves in the Republic of Cuba. Its mining domain includes five concessions covering 6,155 km2, including Block 7, the only concession operated to date. Pebercan sells all of its production to the Cuban government. The Company's shares are listed on the TSX under the symbol PBC.