Recent Developments

April 25, 2008
Drillmar Oil & Gas, Inc announced that the Wadsworth #1 well in Matagorda County, Texas reached a total depth of apprx 9,500 feet on April 19th 2008. The well was targeting multiple sands which appears productive from electric logs.   The well is currently awaiting flow test and completion. Drillmar has a 50 percent working interest and operates the well. The well is the first of two wells to be drilled by the Company in this field.  The Company's casing drilling rig Vitesse is currently being moved to drill the second Hasting Lopez well in Starr county, Texas after the initial confirmation well was successfully tested last month.

The Company is also pleased to announce that it has raised apprx $10 mill. in equity from existing and new shareholders and is entering into a secured credit facility with CapitalOne.

 

March 28, 2008
The Carrin Patman B#1 well in North Francitas Field in Jackson County, Texas reached a total depth of apprx 9,000 feet on March 27th 2008. The well was targeting and found sands present in offset well.  The well is currently awaiting flow test and completion. Drillmar has a 50 percent working interest and operates the well. The well is the second discovery well drilled by the Company in field.  A salt water disposal well will be drilled before hooking the field up for production.

 

March 03, 2008
 Drillmar Oil&Gas announced that it has taken over operatorship and interest in well located in Starr County, Texas. The well was drilled and cased by another operator who filed for bankruptcy. The Court recently approved the sale to Drillmar of a 29% interest from the Debtor and the appointment of Drillmar as the new operator. On 2/27/08 the target zone at 7,100 feet was perforated and flow tested at apprx 500Mcf/d. Under the Court agreement certain creditors are entitled to a portion of the cash flow from the well until the liens are amortized. This deal was attractive as it allowed the Company to test a zone for a fraction of the original cost.  Furthermore, it is in a general area where Drillmar Oil&Gas is active and may open up additional opportunities.

January 28, 2008
 Drillmar Energy Inc’s wholly owned subsidiary Drillmar Oil&Gas Inc.  today acquired the South Alvin Field in Brazoria County,  Texas. The property has 2 producing wells, 1 inactive well and 1 salt water disposal well.  Furthermore, there are additional identified drilling locations as well as a large number of smaller stacked pay zones. “This acquisition fits well in our strategy to establish an attractive portfolio in a defined geographical area that provides for upside through recompletions and additional drilling” stated Chief Operating Officer David McCarver.

 

January 15, 2008
 The Rooke Ranch #1 well in Refugio County, Texas was flow tested at apprx 750Mcf/d and 15bbls/d. Depending on the study of additional data from this well and its production results, Drillmar hopes to drill additional wells on this 1400 acre lease.

 This well was the first well to be drilled in a generating program where Drillmar Oil&Gas, Inc participates with 15% and is the operator.

 

Company Background
 Drillmar Energy Inc is an oil and gas exploration and production company with focus on lower risk exploitation drilling. Upside potential is provided through the Company’s participation as an operator in an exploration program that uses proprietary seismic interpretation techniques. The Company is continuing the operations and activities of Drillmar Inc which effective 2Q 2006 became a passive participant with an interest in Fidelity Exploration and Production of Texas LLC which subsequently was sold 1Q 2008. In the US, the Company is operating through its wholly owned subsidiary Drillmar Oil & Gas Inc.

The Company has provided services to Apache, Shell, PEMEX, PDVSA, Repsol YPF and others, and has established technology-sharing relationships with companies like Tesco and Huisman-Itrec.  Through these relationships, Drillmar has developed unique experience that the Company believes will allow it to identify, drill for and produce oil and gas from mature oil and gas fields more efficiently and effectively.

In a short period of time the Company has established an attractive acreage position and portfolio of drilling projects in Texas & Louisiana. Furthermore, the Company is operator for 5 producing fields in the Texas and Louisiana Gulf Coast region. The Company is also focusing on international opportunities in particular South America and has taken an active ownership in a reputable Venezuelan service company named Equimavenca. The Company has through a charter agreement with purchase options ownership of one unique LOC250 casing drilling enabled rig which is used to develop own properties.

 
Mission and Objectives
 The Company’s mission is to make distinctive, lasting and substantial improvements in the performance of the development of oil&gas fields.

Our objective is to apply unique technologies for well construction and intervention to significantly improve the full cycle field economics. 

The strategy is to exploit the use of non-traditional drilling techniques and technologies.  This include casing drilling, managed pressure drilling and certain geophysical reprocessing techniques. 


Rig Designs
 Drillmar has supported the development of the LOC 250:

The LOC 250 has been designed to economically introduce casing drilling technology into key regions.


 

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