Regent Ventures Ltd RGVNF

Our McCallan Well intersecting in Poland

[Bendit]

First Bieszczady well produces gas and oil from fourth drill stem test and sets casing to protect well against over-pressures.

The Bieszczady partner group is pleased to announce that the Niebieszczany-1 well, which spudded on 14th October 2010, is currently drilling ahead at 3,946 metres with wire line logs having been taken over the interval to 3,840 metres.

Drilling progress has been slower than expected due to an over-pressured permeable interval between 3,845 – 3,848 metres which was required to be cemented to control the well. The cementing of the well allowed logs to be obtained and the 7" liner to be run to 3,827 metres, providing integrity against the over pressures. After drilling out of the cement to 3,858 metres, a drill stem test was taken over the 31 metre interval between 3,827 to 3,858 metres and this recovered gas and traces of oil. Reservoir pressure at 3845m is estimated as 10,300psi and the mud weight required to balance formation pressures and prevent inflow in this section has increased to 1.91 sg (Specific Gravity) compared to normal sg of 1.1.