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Fireball Creek-1 Well Drilling Operations Update

Please find attached and below a news release issued on behalf of publicly listed petroleum exploration company L&M Petroleum Ltd.

Essentially, the drilling has established that the Fireball Creek structure is sub-economic under current conditions as a standalone development and the Fireball Creek-1 well will be plugged and abandoned.

Fireball Creek-1 Well Drilling Operations Update


Petrophysical analysis of the electric logs obtained from the Fireball Creek-1 well indicate that the top of the Omotumotu ‘A’ sands within the Fireball Creek-1 well, which were intersected 20m low to the SFL-1 well, are at the gas/water contact. Based on this analysis, it is estimated that the Fireball Creek structure is likely to contain ~3.5 Bcf of dry gas in the Omotumotu ‘A’ sands. Log analysis further indicates that the Omotumotu ‘B’ sands contain only water.

As such, the Fireball Creek structure is sub-economic under current conditions to develop as a standalone development and the Fireball Creek-1 well will be plugged and abandoned.

In the event that future drilling of other nearby structural leads currently being evaluated by the joint venture proves to contain sufficient commercial reserves, the joint venture will reconsider development of Fireball Creek at that time.

The PEP 38521 Joint Venture parties are:

* L&M Petroleum Ltd (Operator) 32.500%
* Twinza Oil Ltd 35.000%
* McKenzie Petroleum Ltd 8.125%
* EF Durkee and Assoc 8.125%
* GRDC Inc 8.125%
* Labrador Energy Inc 8.125%

ENDS

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