Pompano Well #1 Spudded

The operator of the Pompano Project, AnaTexas Offshore Inc., has advised that Well SL 103229 #1 spudded at 15:30hrs on Saturday, Jan. 12, 2008 (US/CST). At the time of the Operator's report at 06:00 hours on Jan. 13, 2008 (US/CST), Well #1 had been drilled to a depth of 808 feet below the rotary table on the rig floor and a short wiper trip was being undertaken prior to pulling out of the hole to run and cement the 16" casing string. Drilling was done by the Hercules 152 jackup rig.

The Participants in Well #1 and their respective working interests are Elixir Petroleum Ltd with 25%, Buccaneer Energy Ltd with 65%, Baron Petroleum Inc. with 7.5%, and Streamline Exploration Inc. with 2.5%.

Elixir's 25% working interest in Well #1 will be reduced by 5.0% pursuant to a 'back-in' arrangement with AnaTexas once Elixir has recouped its total investment in the well, plus 20%.

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