Petrojack to Carry Out Private Placement

With reference to the announcement from Petrojack regarding Petrojack's letter of intent for the construction of its third jack-up rig.

In a Board meeting on June 19, 2005, Petrojack's Board of Directors made a resolution to carry out a private placement of up to 5,250,000 new shares, at a price near the market price of the Petrojack share, in order to secure a portion of the required equity financing for Petrojack's third rig in connection with the signing of the final construction agreement. The private placement will be completed in the near term.

The total equity requirement for Petrojack's third rig amounts to approximately US $31.5 million.