Seismic Work Complete on La Punta Block in Colombia

Australian Oil & Gas Exploration and Production Company Baraka Petroleum Limited in conjunction with its Joint Venture partners is pleased to announce that acquisition of the 3D seismic survey over the La Punta Block in Colombia has been completed.

The survey was undertaken by Compania Geofisica Latinoamericana (CGL), an established Colombian company that specializes in the acquisition and processing of seismic data. The survey is currently being processed as planned, with interpretation scheduled to follow in mid to late January.

The results of the survey will be used to finalize plans for the La Punta-2 development well which is on track for spudding in early March 2008. The seismic survey will also be used to high-grade further exploration opportunities in the La Punta block.

"We are confident that the new data will enable Baraka and its Joint Venture partners to optimally locate the La Punta-2 well," said Dr. Mark Fenton, Baraka's managing director and CEO.

Baraka funded the joint venture partners for the U.S. $1.3 million seismic survey as part of its entry commitments to the La Punta project.