News Releases
June 02, 2008
Shares Outstanding: 13,928,084
TSX: “ISR”
DRILLING UPDATE SUKKUR BLOCK, PAKISTAN
International Sovereign Energy Corp. (the “Company”) reports on the progress of the first well being drilled on Structure ‘A’ on the 2,435 Sq. km Sukkur Block, Sindh Province, Pakistan in which the Company has a 15% Working interest (W.I.) Mari Gas Company Limited (MGCL), the second largest gas production company in Pakistan and the Sukkur Block operator, advised that the drill has reached 1,202 meters (T.D. 1,505 meters). Initial results will be released upon availability.
Structure ‘A’ is the first of two separate high priority gas structures selected for drilling based on extensive seismic. The Structure covers a 5 Sq. Km area and the reservoir target is the (Eocene) Sui Main Limestone which is the primary producing gas reservoir in the area. Numerous large producing gas fields surround the concession. The drilling of Structure ‘B’, which covers a 4.1 Sq. Km area will immediately follow completion of the first well. The projected recoverable reserve estimates, as calculated by MGCL through Monte Carlo Simulation, exceed 40 bcf for each prospect. Both prospects are within 5 Km from a main gas pipeline so that a discovery can be brought on stream on a fast track basis. A regional Sukkur Block study by Furgro Robertson Limited, U.K. is also in progress to further develop a geological framework for the area, along with Facies modeling and reservoir quality distribution for Lower Goru Sands and Sui Main and Upper Limestone. For this purpose selected seismic and area well data has been sent to the contractor.
The Company also reports that Mr. Eugene Hretzay has resigned as a Director of the Company.
International Sovereign Energy Corp. is an oil and gas exploration development and production company with offices in Vancouver, British Columbia, Calgary, Alberta and Islamabad, Pakistan and is active in the exploration and development of hydrocarbon reserves in Western Canada and internationally.
For further information, please contact:
Omair Choudhry
Chief Financial Officer
Tel: (604) 684-7372
Fax: (604) 684-2407
Or visit our website at www.isove.com
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Certain information provided in this press release contains forward-looking statements that by their nature are subject to numerous risks and uncertainties and readers are cautioned that actual results may vary considerably from those forecasted.
Forward-looking statements: This news release contains certain forward-looking statements, including management’s assessment of future plans and operations, and capital expenditures and the timing thereof, that involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control. The Company’s actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of these events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that the Company will derive there from. Additional information on the Company’s operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
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