Vicpet: Gamma-1 Spuds in Cooper-Eromanga

Victoria Petroleum N.L. has learned from operator Bow Energy Limited that the Gamma-1 oil exploration well located in the Wompi Block of ATP 752P in the Cooper-Eromanga Basin in southwest Queensland commenced drilling at 11 a.m. Wednesday.

The well, to be drilled to a planned depth of 1504 meters, tests a mapped four-way closed structure with primary oil targets in Jurassic aged Namur and Hutton sandstones. Secondary targets are sandstone reservoirs within the Murta, Adori and Westbourne units. Gamma-1 has the potential to contain up to 6.1 million barrels of recoverable oil within only one of the target zones, if oil is present.

There are 21 oil prospects and leads identified in the Wompi Block of ATP 752P which offer followup oil potential from any new oil discovery.

Two additional wells located in the Barta Block of ATP 752P are planned for later in the year. The Barta Block wells and the selection of final drilling locations are conditional on the results of the interpretation of 2D and 3D seismic programs acquired in the Block late last year. A preliminary interpretation of the new and reprocessed 2D seismic data has so far identified 19 oil prospects and leads in the Barta Block with commercial oil potential.

Victoria Petroleum N.L. is fully carried on the Cooper-Eromanga ATP 752P oil exploration drilling program to casing point or P&A and retains a 25% direct working interest after all aspects of a staged farmin program by Avery Resources (Australia) are completed.

Gamma-1 is the fifth well in Victoria Petroleum's planned 16 well 2007 Cooper Basin exploration drilling program.

The interests in ATP 752P (following the completion of the Avery Resources (Australia) Farmin) are:

--Victoria Petroleum 25%
--Avery Resources 50%
--Bow Energy 25% (Operator)