New World Oil and Gas provide an update on drilling operations at the B Crest prospect on the Company's flagship Blue Creek Project ('Blue Creek' or 'the Project'), located in the productive Petén Basin in Northwest Belize.

Drilling operations at the Blue Creek #2 well ('the Well') are continuing on schedule and under budget at an average rate of 24ft per hour. As at 1300 CST in Belize on 24 October 2012, the Well had drilled to a depth of 4,509ft, having passed through anhydrite, dolomite and limestone sequences in line with the Company's geologic prognosis.

The primary objective of the Well lies at 5,700ft in the mid Cretaceous Y2 interval, 1,300ft below the current depth. The Well remains on course to reach the total depth ('TD') of 7,000ft on or before 15 November 2012 where it expects to have reached the base of the mid Cretaceous Y2 interval.

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