IPR Awarded Coveted Gulf of Suez Block

Texas Independent, IPR, through its subsidiary, IPR Energy Red Sea, Inc., was informed by the Egyptian General Petroleum Corporation (EGPC) that it was the selected bidder of the North Ramadan, Gulf of Suez, Egypt Concession - Block No. 6.

This highly competitive and strategic acreage is adjacent to IPR's North July Development Lease which has been producing since 1991.

IPR's offshore infrastructure will provide options for expedited development in the event of a discovery. North Ramadan offers multiple leads and immediate drillable prospects near tested oil, which will be pursued in the first phase of exploration.

The North Ramadan concession is 290 square kilometers and is surrounded by some of Egypt's most prolific producing oil fields in the Gulf of Suez. Total potential reserves in the block exceed 200 MMBO.

The first phase of exploration will consist of 3 exploratory wells, acquisition of 3D seismic, with a commitment of US$ 20 MM. This aggressive work program will be conducted in consortium with IPR's partner, ONGC Videsh Limited.

"The continued partnership with OVL and territorial expansion in the Gulf of Suez was a natural fit for our organization. IPR is confident and committed to increasing reserves and providing the ever increasing energy demands of the industry," said Chief Operating Officer Sam Dabbous. With this Agreement, IPR extends its regional presence in the Gulf of Suez, where it has two existing development leases, North July and Southwest Gebel El-Zeit.