Vicpet Reports Spudding of Colorado Well

West Florence -1 is planned to be drilled to a total depth of 2,134 meters to test the major target, the J sandstone of the Dakota group at approximately 1,800 meters. Additional targets are the Codell sandstone, Niobrara formation and the Pierre formation over the interval 1,500 – 2,100 meters.

West Florence-1 is the first well to be drilling in the West Florence Oil and Gas Project and its associated leasehold of 12,000 acres located in the Florence sub basin of the Denver basin. The leasehold is approximately 100 kilometers south of Denver, Colo. The project area is to the west of the Florence Oil Field, which produced approximately 15 million barrels of oil from fractured shales of the Pierre Formation in the 1940s.

The West Florence Oil and Gas Project is a basin-centered play similar to that of the giant Wattenburg field located 160 kilometers due north producing from the same age lower Cretaceous reservoirs. Petroleum potential for the West Florence play is estimated to be in the order of 100 – 200 billion cubic feet of recoverable gas in the Muddy J sandstone and additionally around 5 million barrels of recoverable oil for each of the Codell Sandstone, Niobrara Formation and the Pierre Formation, if oil and gas are present.

The participants in the drilling of West Florence-1 and the West Florence Oil and Gas Project and their respective interests through their wholly owned subsidiaries are as follows:

• Mountain Petroleum Corp. (operator), 40%
• Victoria Petroleum N.L., 25%
• Fall River Resources Limited, 15%
• Adelaide Energy Limited, 15%
• North American Oil Gas Energy Pty Ltd, 5%