WEST JANICE #1 HITS OIL!

West Janice #1 Hits Oil!

We have some great news!

The West Janice #1 reached its total depth of 11,525' early Monday morning. The well was then conditioned and prepared for logging. The first set of logs clearly indicates that we have a nice pay zone in the 1st Devonian and a nice pay zone in the Wolfcamp formation.

There is also a very strong possibility that we have discovered the 2nd Devonian formation as well. The data on the 2nd Devonian formation was a little distorted due to a wash out. However we are also confident of our findings in the ABO and San Andres pay zone’s, but will be running an FMI that will clearly identify the most productive areas in these reservoirs. The FMI will also give us additional data on the 2nd Devonian. The test results of the FMI will take two days to receive from the lab.

We are continuing to run additional tests, analyze the data and make correlations to our seismic and offsetting production. Regardless of what the FMI reveals, our technical team is more than confident we have a commercially productive well in the ABO and San Andres pay zones.

We are traveling back to the office today and we will be sending out a recommendation for completion this afternoon, which will contain much more detailed information.

We want to congratulate everyone involved with West Janice # 1 as well as thank you for your support and patience while waiting for the West Janice #1 to be drilled.

Again congratulations to all! We have a very nice discovery and are on the verge of proving up a very large regional trend.

Sincerely,
Management

Permian Asset Management, AVV
Caya Dr. J.E.M Arends 14
Oranjestad
Aruba

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This press release / email may include forward-looking statements as defined by the Securities and Exchange Commission. Such statements are those concerning forecasts, estimates, expectations and objectives for future operations. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the company. Statements regarding future production, reserve additions and capital expenditures are subject to all of the risks and uncertainties normally incident to the exploration for and development and production of oil and gas. These risks include, but are not limited to, inflation or lack of availability of goods and services, environmental risks, drilling risks and regulatory changes. Investors are cautioned that any such statements are not guarantees of future performance and that the actual results, or developments, may differ materially from those projected in the forward-looking statements.