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Drilling of Well No. 2 at the Krasnoleninskiy Project Commenced

Source: www.gulfoilandgas.com 4/11/2011, Location: Asia

International Petroleum Limited (NSX: IOP) (“International Petroleum” or the “Company”), an oil and gas exploration company with assets in Kazakhstan and Russia, is pleased to announce that it has commenced drilling Well No. 2 at the Krasnoleninskiy Exploration Project located in the Khanty-Mansiysk Autonomous Region, Western Siberia, Russia (“Krasnoleninskiy Project”). Well No. 2 has a planned target depth of 2,930 metres to investigate formations ranging in age from Cretaceous down through the weathered crust of the Palaeozoic. .

Well No. 2 is the second of four planned wells to be drilled at the Krasnoleninskiy Project and will be drilled simultaneously with Well No. 1, which is currently being drilled. These two wells are being drilled, using two separate drilling rigs, in two of the Company’s four licensed blocks, which comprise the Krasnoleninskiy Project and cover a total area of 1,467 km² in the largest oil-producing region of Russia. Well No. 1 and Well No. 2 are both expected to reach total targeted depth by the end of the second quarter..

The area comprising the Company’s four licence blocks has been extensively surveyed by 1,450 metres of closely spaced 2D seismic, which identified more than thirty prospects, including five “superstructures”. Within these superstructures, there are a number of potential reservoirs, ranging in age from Palaeozoic to Cretaceous, stacked upon each other, offering the potential of multiple producing zones in a single well. Ryder Scott Company-Canada, an independent oil and gas consultant, estimated the unrisked prospective (undiscovered recoverable) resources of the four blocks at 169 (Low Estimate), 260 (Best Estimate) and 385 (High Estimate) million barrels1. Based on the undiscovered unrisked resource estimates and scoping type resource economic evaluation reports from Ryder Scott Company-Canada, the Company believes that Krasnoleninskiy Project has significant exploration potential.

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