Greetings and Salutations!
After the end of the 2nd quarter 2007 the Corporation received an exploration
and development license from the Governement of Trinidad and Tobago on the
Mayaro-Guayaguayare block (MG Block) and as a result is committed to drill two
exploration wells on the block in a joint venture with the Petroleum Company of
Trinidad and Tobago Limited ("Petrotrin"). The first well has to be drilled to a
depth of 3,000 meters by January 2010 and the second to a depth of 1,800 meters
by July 2010. The corporation estimates that its share of the cost of these
wells to be in the range of $15.0 million per well,
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