Cork Announces Significant Flow-test Results

Cork Exploration Inc. said that it has successfully completed and flow-tested a 100% net Cork working interest development well.

Over the course of a 47-hour flow-test, the well flowed at a choked average initial production rate of 295 e3m3/d (10.5 mmcf/d) of natural gas with an average flowing tubing pressure of 9,134 kpa (1,324 psi) and an average casing pressure of 11,670 kpa (1,692 psi). At completion of the 47 hour flow-test, approximately 581 e3m3 (20.6 mmcf) of natural gas was vented in accordance with the related EUB permits and the well was flowing at a choked production rate of 275 e3m3/d (9.8 mmcf/d) of natural gas with a flowing tubing pressure of 9,454 kpa (1,371 psi) and casing pressure of 11,666 kpa (1,692 psi). The well will be shut-in for approximately 8 to 10 days for build-up and is pending pressure transient analysis to determine the expected near and long-term stabilized flow rate. Although initial flow tests indicate that the resulting production could be material to Cork, the corporation stresses that these results are extremely preliminary.

It is currently expected that this well will be on production in December 2006, subject to available infrastructure capacity.

Cork Exploration Inc. is a Canadian junior oil and gas company engaged in the exploration, development and production of natural gas in the Western Canadian Sedimentary Basin. The Corporation currently has 47,530,678 shares common shares outstanding and 9,243,323 stock options and performance warrants outstanding.