Pryme's Raven Well Hits Primary Gas Targets

Pryme Oil and Gas Limited has reached planned total depth of 11,000 feet on its second well (Grable 15#1) in the Raven exploration project. As a result of the log analysis, the decision has been made to set production casing. As forecasted, the two primary objective zones, the C sand and the Price sand, were encountered correlating with strong gas shows from the mud log during the drilling phase.

A natural gas discharge pipeline will be run and surface facilities installed in preparation for the fracture stimulation of the deepest zone. Similar to the Spinks well, the company plans to test the well directly into the sales line to preserve the integrity of the formations. This completion phase should take approximately 60 days with the sale of first products planned for some time commencing in March 2008.

The Raven project covers mineral leases in the prolific Cotton Valley and Hosston natural gas trends in Lincoln Parish, Louisiana. Raven exists along a natural gas fairway of Cotton Valley marine bars which are the target of the Raven project. Approximately 10 drilling locations have been identified in the project with the leasing of acreage continuing. Pryme has a 40% working interest ownership in the project.