Caspian International Oil Corporation ("CIOC") (OTCBB: CIOC), operating the Northwest Zhetybay oil field and a geophysical services company in Kazakhstan, announced that its oil field development subsidiary, Kor-Tazh LLP, signed a contract with Halliburton Corporation's Project Management Group for the design of an oil well drilling program on the Northwest Zhetybay oil field.
Mr. Timur Bergaliev, Executive Vice President of CIOC and President of Kor-Tazh, said, "We are pleased to have Halliburton working with us to design an oil drilling program for a new well we expect to begin drilling during the second quarter of 2008. They are a well known and respected service company familiar with oil drilling in Kazakhstan."
"Separately, beginning in the fourth quarter of 2007, Kor-Tazh anticipates re-entering three oil wells that have been previously drilled on our 5,500-acre Northwest Zhetybay oil field. Surface equipment and casing have been ordered with delivery expected in October, 2007. We plan that, as the equipment arrives, we will sign a drill rig contract to begin re-entry drilling," said Mr. Bergaliev.
"Kor-Tazh has commenced interpretation of the just completed 3-D seismic survey program on the Northwest Zhetybay, located in western Kazakhstan. Final interpretation of the 3-D seismic will be completed in early October, prior to re-entry of the first of three oil wells previously drilled. KazPromGeofizika, a local Kazakh based company, has been engaged to conduct the testing for the three re-entry wells," Mr. Bergaliev added.
About the Northwest Zhetybay Oil Field
The company's Northwest Zhetybay oil field is located in western Kazakhstan, about 40 miles east of the Caspian Sea and about 15 miles from the highly prolific Zhetybay field. As per a Reserve Report issued by Ryder Scott, the Northwest Zhetybay field has approximately 56 million barrels of oil in place, with proved undeveloped reserves of 2.1 million barrels and proved and probable reserves of 6.6 million barrels.
About Caspian International Oil Corporation
Headquartered in Houston, TX, with operations in Almaty, Kazakhstan, CIOC operates through two primary subsidiaries: Kor-Tazh and Dank SIF.
-- Kor-Tazh is an exploration and production company operating an oil field under a 20 year production license in the prolific oil-producing Caspian Sea region of western Kazakhstan, and about 40 miles from the Caspian Sea and 15 miles from the adjacent, highly prolific Zhetybay oilfield. -- Dank SIF and its subsidiary, PGD Services, provide a comprehensive array of field services to oil and gas industry customers in Kazakhstan and the surrounding region: services include 3-D and 2-D seismic acquisitions, data processing and interpretation, reservoir modeling and topography.
CIOC's common stock is traded on the OTC Bulletin Board under the symbol: CIOC. More information can be obtained through the Company's website at: www.cioc.com.
Safe Harbor Statement
This news release contains "forward-looking statements" about the business, financial performance and prospects of the company. Statements about the company's or management's plans, intentions, expectations, beliefs, estimates, predictions or similar expressions for the future are forward-looking statements. No assurance can be given that the outcomes of these forward-looking statements will be realized, and actual results could differ materially from those expressed as a result of various factors. A discussion of these factors, including risks and uncertainties that may frustrate management's plans, is set forth from time to time in the company's filings with the U.S. Securities and Exchange Commission.
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