CaiTerra International Energy Corporation has begun drilling on its property in the Faust area of north central Alberta. The Faust Property is located just north of the prolific Swan Hills oil field and west of Black Pearl Resources Inc.'s Mooney Pool producing oil property and south of the Town of Slave Lake. The lands forming the Faust Property are Crown leases with varying expiry dates. The Faust Property comprises approximately 18,600 net acres (approximately 30 sections) of lands of interest that are not subject to expiry for the next 3 years and a further 3,840 net acres (6 contiguous sections) of lands of special interest that have been continued through to the end of April 2013.

The drilling currently being undertaken is not only to maintain the 6 sections of land of special interest in good standing, but also to test for the presence of the "Bluesky Sand sweet oil zone" which has been identified as an economic oil producing zone in the Mooney producing oil property located to the east of the Faust Property.

The well configuration is a vertical well with a planned drill depth of 3,133 feet (955 meters) and is being conducted along a line of 2D seismic located on the eastern half of Legal Subdivision (LSD) 9, Section 4, Township 72, Range 10, West of the 5th Meridian. At the date of this news release, the drill has reached a depth of 1,640 feet (500 meters).

Tags: CaiTerra International Energy Corporation