Caribe, Fram JV to Pursue Acquisition of 8 Onshore Trinidad Oil Fields

Benchmark Energy reports that its wholly-owned subsidiary, Caribe Oil & Gas Ltd. ("Caribe"), has entered into a joint venture agreement with a privately-held Norwegian company, Fram Exploration AS, in regards to the pursuit of the acquisition or farm-in to eight (8) onshore oil
fields in Trinidad known as the "Eastern Fields" which are being made available for possible rehabilitation and redevelopment through joint ventures with Petrotrin, the national oil company of Trinidad. Both Caribe and Fram have been pre-qualified by Petrotrin to bid on the fields.

Under the terms of the JV, each party is entitled to 50% of whatever interest in the fields in Trinidad that Caribe and Fram are able to negotiate, and will share equally in the costs. Fram is already operating a field in Trinidad and so is deemed a qualified operator by Petrotrin. Caribe brings to the JV a 5-year preferential right to the proprietary well performance enhancement technology, known as "radial jetting technology", which the company recently utilized in Colombia on a pilot project with Ecopetrol SA.

Fram is based in Trondheim, Norway, with offices also in the US (Colorado) and Trinidad. It holds a 30% interest in the Whitewater gas field
in Colorado which is producing 2 million cubic feet per day of gas plus 50 barrels per day of oil, and it holds 100% of the Advance Field in Trinidad which is currently producing about 100 barrels of oil per day. In May of 2008, Fram received US$16 million of start-up capital from Staur Holdings in Norway, which owns 50% of the company.

Fram and Caribe are finalizing their assessment of the eight (8) onshore fields in Trinidad, and are preparing bids on one or more fields which are to be submitted to Petrotrin by February 27, 2009.