Canadian Oil

[Tackler]

Petromin plans to spud fourth Frog Lake well

2007-05-29 09:25 MT - News Release

Mr. Kenny Chan reports

PETROMIN RESOURCES LTD. ANNOUNCES FURTHER DRILLING ON THE FROG LAKE PROPERTY

Petromin Resources Ltd. is proceeding with the drilling of a fourth well on the company's Frog Lake property. The company expects to spud the well next quarter depending on rig availability and licensing. Gross production from the company operated three producing wells is currently at approximately 300 barrels of oil per day with Petromin retaining a 45-per-cent to 60-per-cent working interest in the three producing wells. Petromin presently has a 60-per-cent working interest in the lands being surveyed for this fourth drilling location at Frog Lake, Alta.

The company continues to advance on international "blue sky" initiatives in China and Kuwait. Further updates will be announced without delay.