Crescent Petroleum Spuds Second Mubarak Well

Crescent Petroleum says that the Rani Woro's mobilization to the Mubarek platform located offshore the United Arab Emirates has been completed and the drilling operations on the K2-ST3 well have commenced.

The well is being drilled from the existing K wellhead platform to a sub sea depth of approximately 13,500 feet into the Ilam/Mishrif oil reservoir. It will be drilled as a sidetrack of the pre-existing Mubarek K-2 well which was drilled to test the deeper Thamama gas condensate reservoir. Results are anticipated in the third quarter of 2007 after testing of the well.

Additionally, the company has received US $1,159,793 representing its net share of production revenue from the April 22, 2007 lifting. The H2 well has produced 83,692 barrels of oil as at March 31, 2007 since it went into production on May 16, 2006.

The Mubarek Field is located 50 kilometers offshore, north-north west of Sharjah, in 200 feet of water.

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