Jupiter Commences Trial Production from J-50 and J-52 Wells

The Board of Jupiter Energy Limited, the Kazakhstan-focused oil exploration and production company is pleased to announce that oil from the J-50 and J-52 wells is now being produced under their respective Trial Production Licences.

Aggregated daily production from the J-50 and J-52 wells is initially expected to be 600 barrels of oil per day (bopd) and the Company is taking responsibility for the transportation of the oil to the nearby 3rd party storage facility and for storage costs associated with the oil. Jupiter is finalizing sales agreements with at least two local traders and expects to announce details of these contracts shortly.

Both wells can be produced under Trial Production for a maximum of 3 years and during this time oil is sold into the domestic market. The Company intends to move these wells from trial production to full production (and therefore from domestic to export oil sales) sooner than this maximum 3 year period. More detail on the plans to move to full production will be released later this year.

Trial Production Licence applications for the J-51 and J-53 wells are being prepared for submission to the Ministry of Oil & Gas for approval. The approval process is expected to be completed by the end of this year and the Company expects to end 2012 with revenue from four wells on trial production.