Switzerland

Ascent Resources PLC plans to acquire a 22.5% interest in Perazzoli Drilling SRL of Italy that will provide Ascent with priority access to Perazzoli's rigs.

Sept. 19, 2007

By OGJ editors

HOUSTON, Sept. 19 -- Ascent Resources PLC plans to acquire a 22.5% interest in Perazzoli Drilling SRL of Italy that will provide Ascent with priority access to Perazzoli's rigs.

Ascent will gain the use of two rigs rated to 2,000 m and 3,600 m, an advantage under the current shortage of drilling contractors across Europe. Ascent expects to use the rigs 20% for its own account and contract them to third parties the rest of the time.

Ascent is discussing a farmout through which it plans to appraise the 1982 Hemrigen gas discovery on the 363.5 sq km Seeland/Frienisberg permit in Switzerland, where it also holds the 330 sq km Thun permit and the 1972 Linden discovery.

Ascent also holds a 736 sq km exploration permit in the Swiss Canton of Vaud through partner Swiss Petroleum, where BEB's 1962 Essertines well found 41.5° gravity oil and associated gas in a Jurassic reservoir.