Solimar Hits Paydirt at Maricopa-7 Well in San Joaquin Basin

Solimar Energy Ltd. has announced that the drilling of the second well, Wellington Maricopa-7, at the Maricopa Project in the San Joaquin Basin, California has been drilled to a total depth of 3,588 feet.

Electric logging has indicated a net oil pay of approximately 80 feet in the primary Contact Sand objective. Casing has been run and the well is being gravel pack completed in preparation for production which is expected to commence in the coming weeks.

The oil discovery at the Wellington Maricopa-7 well is expected to add to the oil production from the Wellington Maricopa-6 well which is currently producing oil at an average daily rate of 30 barrels of oil per day.

Additional follow-up locations in the Project have also been identified, including a further 3 vertical well locations and possibly 2 horizontal locations in the original 40 acre leasehold.

The Company has also increased its acreage position from 40 to 120 acres providing an additional 80 acres that may have further potential for subsequent follow-up drilling. Solimar Energy is presently conducting an expanded geological study to assist in identifying possible drilling opportunities and enhance their understanding of the area.

An oil services firm has been chosen to help design and install permanent production facilities at the site. There are also plans to install a water disposal line to a nearby facility.

Solimar Energy has a 50% interest and is Operator of the Maricopa Project. Sunset Energy also has 50% interest in the project.