Baraka/Omega Exploration Well in Colombia Scheduled to Spud

Baraka Colombia Operations and Omega Energy Colombia report that the Monza-1 exploration well is scheduled to spud in the first week of January 2008, following a delay in the arrival of the drill rig.

The Monza-1 well is targeting stacked high-quality fluvial sandstone reservoirs in the Intra-Carbornera and Guadalupe formations in a simple fault-dependant structure that has been identified using recently acquired 3D seismic. Unrisked recoverable resource for the Monza prospect is estimated by the company to be in the range of two to five million barrels.

The current planned total depth is approximately 1,528 meters, with an expected drilling time of 26 days.