Maple Energy Cites Potential Shale Gas Opportunity in Peru

Maple Energy has provided an update on its ongoing drilling operations on its first well in the Santa Rosa prospect in Block 31-E in Peru (the "Santa Rosa 1X Well").

Maple has completed the drilling and testing of the Santa Rosa 1X Well and has found unconventional gas in the Devonian Shale in Block 31-E. Maple tested the Tarma Green Sands from 12,594 feet to 12,705 feet and from 12,725 to 12,780 feet of depth and the Devonian Shale from 12,825 to 13,044 feet and from 13,051 to 13,077 feet of depth for potential gas production. While the Tarma Green Sands did not flow any gas, the underlying Devonian Shale had gas shows while testing the well. The Devonian Shale formation in Block 31-E is significant in terms of both potential thickness and geographic size, but significant additional work is required to determine if this shale gas opportunity can be developed to produce gas in commercial quantities.

Further evaluation of this shale gas opportunity will be undertaken before committing to spend additional expenditures for the appraisal of this potential shale gas field, and the Company will temporarily plug the well.

While shale gas has not previously been developed in Peru, natural gas production from shale formations is one of the most rapidly expanding trends in onshore oil and gas exploration and production today in North America due in large part to advances in drilling and fracturing technologies that have developed in recent years.

Rex Canon, Chief Executive Officer, commented today, "While we do not have a commercial discovery of hydrocarbons from the Santa Rosa 1X Well at this time, we intend to thoroughly evaluate this potential shale gas opportunity. In addition to the Santa Rosa prospect, Maple has other prospects within its portfolio including the Cashiboya Deep and San Roque oil prospects in Block 31-E and the Aguaytia Deep gas prospect in Block 31-C."