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President Petroleum provides operations update

Tuesday, Apr 10, 2012

President announces that Well DP-1002 at the Dos Puntitas field in its Puesto Guardian concession has now spudded. It is estimated that drilling will take some 45 days. The well has been planned to intersect the same intervals and at a similar structural elevation to Well DP-1001.

Testing of DP-1001 will commence this week. As each of the A5, A6 and limestone intervals are being separately tested, President will make a further announcement once the result of all intervals is completed,

estimated to be up to 21 days.

The Company continues to anticipate that full production from DP-1001 will have commenced by the end of April.

Source: President

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