Sky Petroleum Updates Drilling Operations on Second Mubarak Well
Sky Petroleum, Inc. (OTCBB: SKPI), an oil and gas exploration
company, is pleased to announce that Crescent Petroleum Company
International Limited ("Crescent"), the operator of the Mubarak Field,
has informed the company that the Mubarak K2 ST3 well is currently
drilling at a depth of approximately 10,500 feet. The Rani Woro
drilling rig successfully cleaned out the casing on the existing K2
well and milled a window in the casing at a depth of 8,974 feet.
The well is being drilled from the existing K wellhead platform
within the field boundary, to a planned sub sea depth of approximately
13,200 feet. The well will penetrate the Ilam/Mishrif oil reservoir
which has produced over 86 million barrels of oil from Mubarek Field.
Results are anticipated in the third quarter of 2007 after testing of
the well.
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.