Sky Petroleum Acquires a Minority Interest in a Russian Oil Field

Sky Petroleum, Inc. (OTCBB:SKPI), an oil and gas exploration
company, is pleased to announce that the company has acquired a
minority stake in the development of an oilfield in the Komi Republic
of the Russian Federation

The Company acquired a 3.9% interest in Pechora Energy through its
UK parent company, Concorde Oil & Gas Plc. Pechora Energy holds the
production license for the Luzskoye field in the Komi Republic, where
it is carrying out appraisal drilling on the field. Concurrently the
modest existing production will be increased through the work-over of
four existing wells. The reserves and final development plan in will
be determined following the results of the current appraisal drilling
program."

"We are pleased to announce this investment as it is our first
transaction that diversifies our oil and gas interests," said Brent
Kinney, chief executive officer of Sky Petroleum, Inc. "We look
forward to announcing additional projects as well as updates on our
current drilling operations at the Mubarek Field."

About Sky Petroleum

Sky Petroleum (OTCBB:SKPI) is an oil and gas exploration company.
Sky Petroleum's primary focus is to seek opportunities where
discoveries can be appraised rapidly, and developments can be advanced
either by accessing existing infrastructure, or by applying the
extensive experience of established joint-venture partners. In
addition, the company also plans some higher risk, higher reward
exploration prospects. For additional information please visit
www.skypetroleum.com

Safe Harbor

Except for historical information, the matters set forth herein,
which are forward-looking statements, involve certain risks and
uncertainties that could cause actual results to differ. Potential
risks and uncertainties include, but are not limited to, the ability
to stabilize the well, the ability to carry out additional stimulation
of the zones producing oil, the accuracy of estimated production rates
and the price of crude oil, the accuracy of operating costs and
monthly revenue forecasts, the timing and success of other proposed
infill drilling programs, the timing for drilling the second
obligation well, the contemplated continued production at the Mubarek
Field, if any, the competitive environment within the oil and gas
industry, the extent and cost effectiveness with which Sky Petroleum
is able to implement exploration and development programs in the oil
and gas industry, obtaining drilling equipment on a timely fashion,
commodity price risk, and the market acceptance and successful
technical and economic implementation of Sky Petroleum's intended
plan. Additional discussion of these and other risk factors affecting
the company's business and prospects is contained in the company's
periodic filings with the SEC.