Drilling Kicks Off at Gorbehaza-1 Onshore Hungary

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Ascent Resources has announced the commencement of drilling yesterday at the Görbeháza-1 well, located in the western part of the Nyírség Szatmár permits in Hungary, known as the Panhandle. The drilling, expected to take about ten days, will evaluate a primary gas target estimated to be at a depth of 1,200 meters.

The Görbeháza-1 well (GH-1) is located a few kilometers south of the Hajdúnánás-1 gas discovery drilled by Hungarian Horizon Energy ('HHE') and JKX Oil and Gas plc and is some 70 kilometers northwest of PetroHungaria's PEN-104 gas production well in which Ascent has a 45.23% interest. Ascent has a 20.167% interest in the Panhandle exploration project, having acquired an additional 2.666% from Geomega Kft. The other partners in the project include HHE (33.333% and operator), JKX (33.333%), DualEx Energy International Inc. (12.5%) and Swede Resources AB (0.667%).

Further to the announcement on August 10, 2009, drilling of the PEN-105 well in the Penészlek area of the Nyírség permits in Hungary is in progress and is currently drilling ahead at 310 meters in 12-1/4" hole. It is expected it will reach the primary target within two weeks, a gas prospect in the Miocene aged formation that is estimated to be at a depth of 1,500 meters.
 

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