Candax Energy Inc. says that a workover on the Robbana-1 well commenced on March 15, 2011. The Robbana field is located in southern Tunisia on the island of D'Jerba, and began production in September 1993. The Robbana-1 well has been shut in since June 2009. The workover is expected to last a few weeks and the data collected will enable Candax to better prepare for a stimulation workover of this well mid-year as well as for the anticipated re-development of this field.

Petroleum Insights Sarl (Petroleum Insights), an oil and gas consulting firm with the assistance of Denver-based MHA Petroleum Consultants LLC, has completed its study on the Robbana field. Based on their analysis of pressure response data from the field during its 17 years of production history, Petroleum Insights has calculated a range of 18 to 25 million barrels of oil in place. Petroleum Insights has also forecast 4.3 to 5.8 million barrels of recoverable oil for 100% of the field (Candax has an 80% working-interest). These figures are based on a numerical full field simulation study assuming enhanced recovery through conventional water-flooding. Based on Petroleum Insight's positive evaluation, Candax is in the process of designing a water-flooding and development wells program to increase recovery from the field and to enable categorization of all or part of these preliminary figures as proven and probable reserves under NI 51-101 standards.

Richard Norris, CEO of Candax, commented,"We are very pleased and encouraged by the outcome of this study which matches our internal estimates. The study reinforces our general belief that Candax's core assets contain significant value and upside potential. Other studies are ongoing for the El Bibane, Ezzaouia and Belli fields. The previously announced full field simulation study being performed by Beicip-Franlab on the offshore El Bibane field is progressing with a target date of late May for the final results however preliminary indications of the remaining oil in place are positive. The recently announced restructuring of the Company's balance sheet provides Candax with time to study its assets methodically to optimize their re-development and maximize the value to all shareholders."

Tags: Candax Energy Inc.