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Gold/Mining/Energy : Valkyries Petroleum (VPC)

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From: TheRealJRL	11/15/2005 3:30:47 PM
	of 14

Significant oil discovery offshore the Caspian Sea Two weeks ago Russian oil giant Lukoil made a significant oil discovery 9 mile east of Valkyries Petroleums Lagansky block offshore the Caspian Sea. The company hit a 180 feet net pay zone with high porosity and API 42. This indicates that the field could contain more than 1 billion recoverable barrels of oil equivalent. Valkyries Lagansky block is located on the same structural trend as Lukoils recent discovery and is estimated to hold recoverable reserves of 0.5 - 1 billion barrels of oil equivalent. Valkyries holds a 70% interest in the block and the first two wells will be drilled in june next year. valpete.com finance.yahoo.com About the Valkyries company Valkyries Petroleum Corp. is a publicly held oil and gas corporation based in Vancouver, Canada. The Company holds oil and gas production and exploration assets in Russia and Texas as well as a strategic investment in Rincon Energy Partners, a U.S. based oil and gas prospect generation company specializing in Gulf Coast and California oil and gas exploration.

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