Stuart Petroleum Makes Discovery with Revenue #1

Stuart Petroleum has discovered a new oil pool in the McKinlay Formation with its Revenue #1 well located in PEL 113 in the Cooper/Eromanga Basin in South Australia. Wireline logs have been run and indicate approximately two meters of oil pay in the McKinlay. Hole conditions will prevent any Drill Stem Tests from being run and the well will be cased pending completion as an oil well.

Testing and further evaluation of oil shows in the Murta and Birkhead formations will be conducted after completion of the well.

Participants in the Revenue #1 well are Stuart Petroleum as operator with 66.7% and Beach Petroleum with 33.3%.