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Orbit Petroleum, Inc. Amends Drilling Program and Announces Start of Second Well

Petrochemical industry | 20 Dec 2005 IST | Polymerupdate.com
OKLAHOMA CITY--(BUSINESS WIRE)--Dec. 19, 2005--Orbit has amended its Drilling Program from a Six (6) Well Drilling Program to Twenty-Six (26) Well Deepening Program based on the positive results of the James McFarland A#5 Test Well which was perforated and tested in the San Andreas P3 and P4 zones. This well showed commercial production fluid volumes ranging from 200 to 250 barrels of fluid per day with a 15-20% oil cut. Thus, initial production estimates are an average of 40 barrels per day. This well is currently on-line and in production. It is the opinion of the Company that each existing well may be deepened to the same zone and deliver similar production results. The amendment to the drilling program allows the Company to take advantage of all of its current 86 wells greatly expanding the opportunity for increased production. Accordingly, as of today, Orbit has commenced deepening the second well selected in the program, the Federal 19#2. Test results will be reported when available.

Orbit Petroleum, Inc.is the owner 3500 acres in Chavez and Roosevelt Counties, New Mexico, and 1,072 acres in Matagorda County, Texas. In New Mexico, Orbit is the operator of 86 oil and gas wells located in the Chaveroo Field. In Texas, Orbit holds a majority working interest in 8 gas wells located in the Live Oak Bayou-Hawkins Ranch Field.

Safe Harbor Statement

This projection does not take into account the natural decline of oil and gas production that will occur over the productive life of the projected wells. At this time, there is no production history available for this well to calculate production decline curves. Although this projection could prove accurate, that cannot be determined at this time and actual results will most likely differ from projected results. Also, there is no assurance that newly drilled or deepened wells in the Chaveroo Field will be commercial or produce over long periods of time.

When used in this projection, the words "intends," "believes," "anticipated" and "expects" and similar expressions are intended to identify forward-looking statements. Such statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected. Factors that could cause or contribute to such differences include normal risks associated with oil and gas drilling activities. In addition, adverse weather conditions can hinder or delay operations, as can shortages of equipment and materials or unavailability of drilling, completion, and/or work-over rigs. Even though a well is completed and is found to be productive, water and/or other substances may be encountered in the well, which may impair or prevent production or marketing of oil or gas from the well.

For further information, please contact the Company at www.orbitpetro.com
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