Stuart Petroleum Encounters Oil at Toparoa #1

Stuart Petroleum reports that the Toparoa #1 oil exploration well was drilled to 1597 meters which is the total depth for the well. The first logging run has been completed and indicates a 6 meter column of oil in the Basal Birkhead / Hutton Formation and a 3 meter column of oil in the Cadna-owie. Drill stem tests will be run to further evaluate these and other zones of interest.

Stuart Petroleum Limited is operator with 100% and Avery Resources (Australia) Pty. Ltd is earning a 35% interest in the prospect.