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Napoleonville- Dugas & Leblanc #3 Well, Assumption Parish, Louisiana, Non Operator 39.5% WI

The Dugas & Leblanc #3 well spudded on 16 April 2011 and reached TVD of 8,000ft (TD 8,920ft) on Saturday, 30 April 2011.

The Board is pleased to advise cased-hole electric logs have been run through the “M”, “Stray” and “N” sands with a total of 31ft of gas and 33ft of oil net pay having been identified. The majority of net pay is in the “M” sand with 18ft gas and 33ft of oil. The potential presence of oil in the “M” sand is an interesting and positive development and is supported by the “M” sand being only 13ft high to the “M” sand in the D&L#1 well. This has meant that the structure likely contains more oil and less gas.

The “O” sand will be logged once the workover rig arrives at location (ETA Monday 23/5/11), to remove blockages at the bottom of the casing.

The mud log indication of an “S” sand was incorrect and gas shows were correlating to the “M”, “Stray”, “N” and “O” sands.

The Dugas & Leblanc #3 well is updip of the #2 well and has intercepted the “M”, “N”, “Stray” and “O” sands. When completed, production will start at the lowest hydrocarbon saturated sand and as each zone depletes the zone above will be completed. The D&L #2 well is currently producing in the “N” sand. Once this production depletes the 41ft of net pay in the “M” sand will be completed for production. The Company will revise its estimated recoverable hydrocarbons following thorough review of the logs.

In D&L #2 the “N” Sand has proven to exhibit strong water drive. However, the dominant drive mechanism in the remaining sands is an unknown variable.

The high permeability and porosity of the sands indicate potential flow rates of over 4,000 mcfgd in the D&L #3 well resulting in significant cash flow generation.

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