Petro Rio S.A. HRTPF

DRILLING RATES

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THE REVISED TIME TO TOTAL DEPTH IS AS FOLLOWS:
                                                                           WELL #2                                               WELL #4
TOTAL DEPTH     ( METRES)                        3500                                                      2700
AVERAGE DAILY DRILL RATE 16/9             29.6M                                                   38.3M
AVERAGE DAILY DRILL RATE 23/9             35.8M                                                   42.3M
PREDICTED DATE TO TD      16/9              31ST OCT                                            21ST OCT
PREDICTED DATE TO TD       23/9             12TH OCT                                           18TH OCT
DRILLING PHASE                                               3                                                             3
NOTE : 1) DRILLING RATES IMPROVED BECAUSE OF BETTER WEATHER CONDITIONS. BAD WEATHER RETURNS IN NOVEMBER.
              2) WELL #2 TARGETS OIL/GAS WHILE WELL #4 TARGETS A PROVEN MASSIVE "SUPER STRUCTURE" IN A FIELD LIKELY COMMON TO HRT AND PETROBRAS.
             3) WITH POSITIVE RESULTS IN WELLS 1 AND 3 WE HAVE ALREADY ACHIEVED THE HISTORICAL SUCCESS RATE OF 50%.  THE CHANCE OF SUCCESS IN WELL # 4 IS 90% WHILE THE CHANCE OF SUCCESS IN WELL #2 IS OVER 50%
             4) ALL THINGS BEING EQUAL, RESULTS FOR BOTH WELLS LIKELY WITHIN THE NEXT 4 WEEKS.