International Sovereign Energy Corp.
TSX : ISR

International Sovereign Energy Corp.

July 26, 2005 16:44 ET

International Sovereign Energy Corp.: Agreement of Toot Oilfield Study

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 26, 2005) - International Sovereign Energy Corp. (TSX:ISR) (the "Company") is pleased to report that it has signed an agreement with Schlumberger Oilfield Services to carry out a study on the Toot oilfield upper carbonates, Pakistan.

The Schlumberger study forms part of the Company's Stage 1 review under the terms and conditions of its January, 2005 Memorandum of Agreement ('MOA') with Oil and Gas Development Company Ltd. ("OGDCL"), the national oil company of Pakistan for the exploitation of the upper carbonate zones in the Toot oil field located in the Potwar region, Punjab province, which is near the capital city of Islamabad.

The primary objectives of the Schlumberger study is to assess and report on the following; (1) geophysical, geological and petrophysical review and verification of the reservoir zone; (2) fracture analysis and identification of interconnected fractures and (3) estimation of the reservoir parameters. The duration of the study is expected to be 6 to 10 weeks.

The Toot area is one of the oldest oil-producing regions in Pakistan, with the first well being drilled in 1964. The Toot field is accessible by road and the concession area is 122.67 square kilometers. All facilities, including a pipeline to the refinery, are in place. The field is located on an east-west-trending surface anticline with light oil being produced from the sands of the Datta formation at a depth of 4,500 metres. Light oil potential exists in an uphole fractured Carbonate Paleocene and Eocene sequence (4,150 metres) divided into the Sakesar, Patala and Chorgali formation.

Certain information provided in this press release contains forward-looking statements that by their nature are subject to numerous risks and uncertainties and readers are cautioned that actual results may vary considerably from those forecasted.

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Contact Information

  • International Sovereign Energy Corp.
    Omair Choudhry
    Chief Financial Officer
    (604) 684-7372
    (604) 684-2407 (FAX)
    Website: www.isove.com