| Drillmar announces drilling at North Francitas location | |
| Georgetown, Cayman Islands - October 21, 2007 Drillmar Oil&Gas, Inc a wholly owned subsidiary of Drillmar Energy Inc announced that the Carrin Patman #1 well in North Francitas field in Texas spud on October 21, 2007. The field was discovered in 1951 and abandoned in 1973 after producing apprx 3MM bbls. The well is targeting 72,000 bbls of proved undeveloped reserves from one sand at 9,000ft and will evaluate more than 600,000 probable and possible reserves as per third party engineering report. "Drillmar Energy is focused on development drilling where our new casing drilling rig can improve the well economics. As a result, the Carrin Patman #1 well is consistent with the Company’s strategy" stated the Company’s CEO Ivar Siem. For further information contact Haavard Strommen, Chief Financial Officer 345-925-1768 or visit the Company's website at www.drillmar.com Drillmar Energy Inc is an oil and gas exploitation and production company. In the US, Drillmar Energy Inc is operating through its wholly owned subsidary Drillmar Oil & Gas Inc. Drillmar's strategy is to exploit the use of non-traditional drilling techniques and technologies. These techniques and technologies include casing drilling, managed pressure drilling and certain petrophysical/geophysical reprocessing and remapping. We have consistently made significant improvements in the efficiency and cost of developing oil and gas reserves for BP, Shell, PDVSA, PEMEX and Apache as well for our own account. We are currently qualified operator in Texas and Louisiana and have established appealing production and/or acreage positions in those states. Forward-Looking Statement. This news release may contain certain forward-looking statements including declarations regarding Drillmar Energy Group and its subsidiaries' expectations, intentions, strategies and beliefs regarding the future. All statements contained herein are based upon information available to Company management as of the date hereof, and actual results may vary based upon future events, both within and without the control of management, including risks and uncertainties that could cause actual results to differ materially including, among other things, the impact that acquisitions may have on the company and its capital structure, exploration results, market conditions, oil and gas price volatility, uncertainties inherent in oil and gas production operations and estimating reserves, unexpected future capital expenditure requirements, competition, governmental regulations and other factors. |
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