Russia

Valkyries Petroleum Corp., Vancouver, BC, closed the acquisition of a 50% interest in CJSC Oilgaztet, which holds 100% interest in the license block that includes Ashirovskoye oil field 200 km northwest of Orenburg gas field.

Feb. 22, 2006

By OGJ editors

HOUSTON, Feb. 22 -- Valkyries Petroleum Corp., Vancouver, BC, closed the acquisition of a 50% interest in CJSC Oilgaztet, which holds 100% interest in the license block that includes Ashirovskoye oil field 200 km northwest of Orenburg gas field.

Valkyries is testing a new well in Ashirovskoye that logs indicate cut three Devonian zones and plans to drill a well in the eastern part of the structure.

Upon confirming the field's main reservoir targets, the companies plan aggressive development.