Crescent Petroleum Completes Drilling at Mubarek H-2

Crescent Petroleum Company International Limited reports that the drilling of the Mubarek H-2 offshore Oman was completed at a total depth of 15,020 feet (drilled depth). Logging of the well indicates good oil saturations over more than 100 feet in the Ilam/Mishrif reservoir section, and the well has been cased to enable testing of these zones. Testing of the well from the production platform is currently underway, and after the well has stabilized definitive results will be available within 7-10 days.

The Rani Woro jackup was released from the Mubarek H-2 drilling location on May 18th after completing and perforating the well, and has moved to another field nearby to drill for another operator. The Rani Woro will return to the Mubarek field to drill the second of two obligation infill wells in the third quarter 2006.

"We are very pleased that we have completed drilling operations and are now only a week or so away from beginning production," said Brent Kinney, chief executive officer at Sky Petroleum, Inc.

Crescent is one of the United Arab Emirates' most established and successful, integrated low-cost operators with over 30 years of extensive experience in the region. As operator of the Mubarek Field for over three decades, Crescent brings extensive knowledge of the subsurface conditions of the Mubarek Field. The first commercial oil was produced from the Mubarek Field in the mid-1970s and the field has been in continuous production since then.

Sky Petroleum is an oil and gas exploration company. Sky Petroleum's primary focus is to seek opportunities where discoveries can be appraised rapidly, and developments can be advanced either by accessing existing infrastructure, or by applying the extensive experience of established joint-venture partners. In addition, the company also plans some higher risk, higher reward exploration prospects.

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