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Dover Petroleum Updates on Egypt, Wyoming and Colorado Projects

Source: www.oilegypt.com 7/10/2007, Location: Africa

Dover Petroleum Corp’s and Sea Dragon Energy Inc. has spudded a fourth well at the East Wadi Araba (EWA) Concession in Egypt with the driving of surface conductor pipe. The rig, the 1500 hp Shengli-Bohai ZJ-50, is on contract and is now set up and being tested at the site. The drillpad is complete and rotary drilling will commence within 2 days. The well, EWA-4X, will be a deviated well to test a near shore structure.

Dover Petroleum also announced that its wholly owned subsidiary, Slaterdome, Inc., with major oil and gas properties in Wyoming and Colorado, along with its exploration and development partner, New Frontier Energy Inc., has set production casing in the first and second wells drilled at the Slater Dome Field in Wyoming this season. The Companies are on target to drill at least 7 new wells this summer.

“We are pleased with the preliminary results of the first well, Battle Mountain 18-5, and the second well, Robidoux 24-3, in our 2007 development program. We have begun drilling a third well in this summer program,” said Robert Salna, Dover Petroleum CEO.

“The wells being drilled will help expand current production at the Slater Dome Field, which currently has nine producing wells with the last recorded daily production being 1001MCF.” We have completed workovers on four of the nine producing wells increasing gross production to an average 700 Mcf per day during June, compared to 250 Mcf per day averaged during the preceding six month period. While the initial production increase is very encouraging, production levels can vary from month to month. Ultimately, as the field continues to dewater, we believe further increases in production are possible.” Slaterdome’s ownership amounts to a net working and operating rights interest of approximately 33.33% in the Slater Dome Area.

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