Tie-in Boosts Kulczyk Production in Ukraine

Kulczyk Oil Ventures Inc. has reported that the Olgovskoye-8 ("O-8") and Olgovskoye-18 ("O-18") wells in Ukraine have been tied-in for commercial production at gross production rates of more than 1 million cubic feet per day ("MMcf/d") of natural gas for each of the wells.

KOV's net production from Ukraine has now increased to more than 14 MMcf/d with gross production of more than 20 MMcf/d from the four producing fields. The wells are operated by KUB-Gas LLC ("KUB-Gas"), a partially-owned subsidiary in which KOV has a 70% effective ownership interest.

Jock Graham, KOV's Executive Vice President, commented: "We are extremely pleased to have surpassed an important milestone as production over the last 10 days has averaged more than 20.3 MMcf/d for KUB-Gas which gives KOV a net production of 14.2 MMcf/d. I would say that this is further evidence of the project's quality and the production levels are something we hope to continue improving going forward, particularly given the potential impact of the next wells in the ongoing drilling campaign."