Roc Oil to Begin Angolan Exploration Program in 2Q07

In December 2006, the Cabinda South Joint Venture formally approved a 2007 Work Program which includes three firm exploration wells and an overall 2007 Budget of about US$54 million, approximately US$43 million (80%) of which relates to drilling activity.

The first two wells scheduled for drilling are Massambala-1 and Caju-1. The third exploration well for the 2007 drilling program is subject to final technical verification.

In order to optimize the drilling season, the Joint Venture is considering drilling three additional exploration wells during 2007. To allow for this option, a two rig program is being structured utilizing the ROC-owned Explorer rig, currently being upgraded in the UK and the Simmons rig, currently being upgraded in Dubai. Both rigs are scheduled to start drilling after the end of the wet season, which normally occurs between late March and end-April. The end of the wet season will also determine when construction of the rig access roads and drill sites can be completed.

Massambala-1 is expected to be the first well drilled, most likely by the Explorer rig, while the Simmons rig is expected to start drilling Caju-1 at the end-May/early June