The Company has identified 9 drilling locations in addition to the re-work and has drilled the initial test well on the North West edge of the 400 acre lease. Although sands of 3-4 feet were identified at depths of 350'- 375' it was not as substantial as desired and was capped for future completion. The JV plans to drill or rework up to 10 oil wells by the end of 2012.

The Company expects the re-works and drilling on the 10 JV wells to produce approximate revenues of of $300,000.

To view the entire press release, please visit http://finance.yahoo.com/news/sovereign-oil-gas-completes-drilling-133000085.html

SmallCapNewsRelease Energy Gainers Are: VAALCO Energy (NYSE: EGY), EXCO Resources, Inc (NYSE: XCO), Forest Oil (NYSE: FST), Basic Energy Services (NYSE: BAS) and Bill Barrett Corp (NYSE: BBG)

SmallCapNewsRelease Energy Decliners Are: BreitBurn Energy (NASdAQ: BBEP), GMX Resources (NASDAQ: GMXR), and Enbridge Energy (NYSE: EEP)

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