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ANTARES E : Operational Update - Oyster Creek

08/01/2011 | 09:30pm US/Eastern
ANTARES ENERGY LIMITED

A.C.N. 009 230 835

Level 2, 5 Ord Street Telephone: + 61 8 9324 2177

West Perth WA 6005 Facsimile: + 61 8 9324 1224

Website:www.antaresenergy.com PO Box 690 Email: mail@antaresenergy.com West Perth WA 6872

ASX/NEWS RELEASE 2 August 2011OYSTER CREEK OPERATIONAL UPDATE

HOUSTON, AUGUST 1, 2011

Project: Oyster CreekWell: Harrison No. 3Working Interest: 67.5%Location: Brazoria County, TexasAntares Energy Limited (ASX:AZZ) advises the Harrison No. 3 was successfully fracture stimulated and is currently flowing back to sales. The average flow rate since the fracture stimulation has been in excess of 250 boepd.Halliburton rigging up for the fracture stimulation of the Harrison No. 3

The Harrison No. 3 reached a total measured depth of 13,453 feet on April 11, 2011. The evaluation of wireline logs confirmed the presence of numerous hydrocarbon-bearing reservoirs. The lowest most reservoir, the F-41, was perforated after production casing was set and cemented. Long-term pressure build up data suggested the reservoir exhibited characteristics indicative of a low permeability formation, a damaged formation or both. Antares elected to fracture stimulate the well in an effort to provide greater conductivity from the reservoir into the well bore. This has proven successful with the well currently flowing to sales with an average daily sales volume of approximately 200 bopd and 320 mcfpd.

At the Harrison No. 2, Antares is set to complete in the Anomalina “B2” reservoir. The Harrison No. 2 has produced in excess of 135,000 boe from the F41 and in excess of 165,000 boe from the Anomalina “C” being aggregate production in excess of 300,000 boe. The Anomalina “B2” will now enter into production being the third reservoir to be brought into production to date. One additional reservoir, the Anomalina “B1”, is behind pipe and will enter into production at a later date. At some point in the future all four reservoirs will be commingled and brought into production.Matt GentryDirector & Chief Operating Officer

For further information please contact: James Cruickshank Chairman & CEO

+ (61) (0) 488 222 122 or + (1) 214 762 2202

Or visit our website: www.antaresenergy.com
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