Reliance to P&A GS01-M1 Well in India

Hardy Oil and Gas reports that the exploratory well GS01-M1 was drilled to a total depth of 4,326 meters TVDRT to explore the Oligocene and Eocene carbonate targets. Porosity development was observed in the Oligocene target but no proper seal was present. Gas shows with heavier end hydrocarbons were recorded while drilling the mid-Eocene target zone over a 20 meter interval. However, the middle Eocene carbonate could not be drilled in its entirety due to pressure limitations of the Actinia semisub. Well logs showed reservoir development but the MDT tests were inconclusive and a conventional DST was not conducted. The well has now been plugged and abandoned.

The Joint Venture is planning to continue to evaluate the M1 prospect by carrying out advanced processing of the 3D seismic data and integrating the new drilling data.

The Operator has notified the Company that scheduled drilling of the GS01-B2 appraisal well has been delayed and further drilling on the block is not expected to commence until the latter part of 2009.

Hardy, through its wholly owned subsidiary Hardy Exploration & Production (India) Inc., holds a 10%participating interest in the GS-01 exploration license. Reliance Industries Limited is the Operator and holds a 90% participating interest in the block.

Commenting on the drilling update Yogeshwar Sharma, Chief Operating Officer of Hardy said, "While the result of this well is inconclusive we look forward to improving the understanding of the geology of the M1 prospect while appraising the existing Dhirubhai 33 discovery on the GS-01 block."

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