Quadra Reaches TD on Colombian Well

Quadra Resources reports that the B2X well, located in NE Colombia, reached total depth at 3,900 feet subsurface on January 4, 2005. Drilling was accomplished on schedule with formations being encountered as anticipated in the drilling program. The B2X well offsets the B1X well that the Company drilled in September 2003 which indicated over 120 meters (400 feet) of net hydrocarbon pay in logs but was untested due to mechanical well bore failure. The B2X well is being drilled on the Company's 100% owned 180,000 acre Iraca Association Contract. The B2X well is now the second well into the 3000 acre Becerril Structure.

Electrical logging operations are expected to commence later today. Installation of production casing and cementing is expected to commence shortly after receipt of logs.

Upon the technical review and analysis of the electrical logs, cased hole testing is expected to commence January 8, 2005 and continue for at period of 2 weeks.

Michael Nugent, President stated "Our technical team and I are pleased with the drilling operations to this point, with preliminary indications being encouraging. We look forward to receipt of information from the logs and the commencement of testing operations."