Based on the open hole logging results and the analysis reports by Schlumberger's log specialists, the Company has decided to set casing and prepare for completion of the well. The results to date confirm that the target drilling areas and depths identified by the Company's satellite-based STeP technology were correct.

The leased acreage on which this well has been drilled included acreage that had previous wildcat activity by others that was unsuccessful. The drill point for this well was determined using the satellite-based STeP technology.

"Although it is too early to indicate production levels of this well, the Schlumberger reports confirm STeP hydrocarbon predictions for this well," said Roman Rozenberg, the Company's CEO. "This technology has enabled us to survey the lease area and to predict hydrocarbon deposits in just a few weeks, faster and at reduced cost as compared to the much longer time and much higher costs of 3-D seismic and other geological methods, STeP helps us to more quickly and economically identify opportunities in the competitive and complex Texas land market.

"Based on STeP, we were able to both identify a drilling point and to predict the depth and thickness of certain pay zones with significant accuracy. The formations we are planning to complete are not known to be producers in the offset wells of the area. We believe our well represents a true wild cat and a demonstration of the significant benefits of our Company's unique technology."

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