Sky Petroleum Reports 21,464 Barrels during 2009 First Quarter

Sky Petroleum reported that during the first quarter ending March 31, 2009 Mubarek production from the H2 and K2-ST4 wells totaled 21,464 barrels of oil. The Mubarek H2 well produced 2,614 barrels of oil or 29 bopd and the Mubarek K2-ST4 well produced 18,850 barrels of oil or 209 bopd during the first quarter of 2009.

In the first quarter of 2009 the H2 well was shut in during the last week of February through the end of the quarter in order to insert a replacement tubing plug. Crescent Petroleum Company International Limited, the operator of the Mubarek Field, will provide updates as repairs progress. On January 26th the K2-ST4 well was brought back on line, however the production rate continues to fluctuate, indicating the well is not fully stable.