Fremont Petroleum Corporation Ltd. advised drilling operations on the JW Powell #23-25 well are proceeding to plan, safely and on budget. The JW Powell #23-25 well is a vertical well targeting production from a multi-stage fracture stimulation in the B and C Benches of the Niobrara Formation. The intermediate section of the well was successfully drilled through the Pierre Formation to a depth of 4,896 feet. Drilling reached this depth on Sunday 29 December at 2.30am, Colorado time. This section of the well has now been cased and cemented. Drilling of the production section of the well has now commenced to a target depth of approximately 6,000 feet. The company expects to intersect several hydrocarbon bearing zones of interest between 4,896 feet and target depth. These formations include the Niobrara (the primary target), as well as the Codell and the Greenhorn, which are also productive in the State of Colorado and will be analysed for future production potential. As advised, Fremont has secured the services of a leading, globally recognised oilfield services company to fracture stimulate and complete this well. The company looks forward to providing updates as drilling of the targeted production section advances. The JW Powell well is expected to be drilled and completed before the end of January. Fremont also plans to flow test the Amerigo Vespucci #1 well once drilling and fracture stimulation works are completed on the JW Powell 23-25 well.