The Spudding of the Pica Well Rescheduled

March Resources had anticipated a spud date for the Pica well, located in Northern Chile in October. The company that was initially contracted to provide the drilling rig for the program could not complete the contract as agreed, which has caused March to secure a rig from a different company.

March is pleased to have secured a different drilling rig from a major Canadian oilfield services company, and to report that the rig is now being prepared for shipment to Chile. The delay in the rig shipment has caused March to reschedule the drilling program with an anticipated spud date prior to December 31, 2007.

March has completed the majority of the construction in preparation for the commencement of the drilling project, this construction included completion of 11 kilometers of access road and the two initial drill locations. In addition, ancillary equipment, including casing, drilling fluids and testing equipment is in transport to the drill sites. All logistical operations are in place for the spud of the initial well.