Kulczyk Oil Ventures Inc. is continuing its active program in Ukraine and provided update information with respect to its activities in the Makeevskoye, North Makeevskoye and Olgovskoye Licence areas, each of which are operated by KUB-Gas LLC ("KUB-Gas"), a subsidiary in which KOV has a 70 percent effective ownership interest.
•M-21 well tested natural gas at a rate of 3 MMcf/d;
•NM-1 drilled to a depth of 8,202 feet (2,500 meters) and cased to TD after log and drilling information indicate 4 potential hydrocarbon-bearing zones;
•North Makeevskoye 3D seismic survey acquires 87 square miles (225 square kilometers) of new data - processing underway with interpretation to be completed by September;
•O-14 well suspended and being evaluated as a potential candidate for fracture stimulation.