Sky Petroleum, Inc. (OTCBB: SKPI), an oil and gas company, today
reported that during the first quarter ending March 31, 2008 Mubarek
production from the H2 and K2- ST 4 wells was 30,922 barrels of oil. The
Mubarek H2 well produced 9,144 barrels of oil or 101 bopd and the
Mubarek K2-ST4 well produced 21,778 barrels of oil or 243 bopd during
the first quarter of 2008.
The performance of the H2 and K2-ST4 wells were both reasonably stable
for the first quarter of 2008 and the K2-ST4 well decline appears to
have normalized.
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 enhance
and stabilize production from the wells, the total cost of drilling and
operating the wells, the production could drop below current rates due
to the unstable nature of the wells, 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 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.
