Crescent Petroleum completes successful drilling program in Mubarek Field

The well was drilled to a total depth of 13,528 feet into the Ilam oil reservoir. After initial tests, the well is flowing at 742 BOPD (Barrels of Oil Per Day), similar to the initial flow rates of the first well, H2, in this two well program.

These wells were the first to be drilled by the Company in the Ilam reservoir since 1997 and were appraising the remaining potential of the reservoir which has been on production since 1974. The two wells successfully tested the potential for bypassed oil in both the northern and southern flanks of the reservoir and will therefore aid the Company in selecting further drilling locations.

Crescent also set a regional operational record in completing the K-2 well, with a highly challenging program that involved horizontal drilling combined with coiled tubing technology and a complex completion matrix at great depths.

With the drilling of previous wells in these deep reservoirs, Crescent established a number of operational world records including the deepest short radius horizontal section drilled, and the deepest slim hole to be cased by expandable casing.

As a result of these encouraging well results, further development potential for the Mubarek Field will be evaluated by the Company during 2008, with a particular focus on the Ilam-Mishrif oil reservoir and the deeper Thamama gas condensate reservoir.