International Sovereign Energy Corp.
TSX : ISR

International Sovereign Energy Corp.

October 17, 2005 11:30 ET

International Sovereign Energy Corp.: Operations Update

CALGARY, ALBERTA--(CCNMatthews - Oct. 17, 2005) - International Sovereign Energy Corp. (TSX:ISR) (the "Company") reports that it has recently acquired land in the Peace River Arch region, Alberta. This acquisition opens up a new area for the Company in a region where existing infrastructure is in place combined with multi zone potential. A technical evaluation of the acquired land has commenced for drilling prospects.

With regard to the Company's existing prospect portfolio the Company is scheduled to drill a 100% working interest well in the Whitemud region of Alberta for gas potential and a re-entry completion of a well on lands in the Meekwap field, Alberta during November, 2005.

International

The Company is pleased to report that it has entered into an agreement with Cosacol Petroleum and Gas SA ("Cosacol") which agreement establishes a strategic alliance relationship for accessing and developing oil and gas projects in Colombia. Cosacol is a prominent hydrocarbon services/support group with offices in Bogota, Colombia / Houston, Texas / London, England and in Venezuela. The initial term of the Agreement is for thirty six (36) months and the Company will be deemed to be the operator of all projects acquired pursuant to the alliance agreement terms.

The Company also expects to receive from Schlumberger Oilfield Services their report on the upper carbonate zones of the Toot oil field Pakistan in November, 2005. Schlumberger's study forms part of the Company's Stage 1 review of the upper carbonate zones of the Toot oil field located in the Potwar region, Punjab province, Pakistan under the terms and conditions of the Company's January, 2005 Memorandum of Agreement with Oil and Gas Development Company Ltd. ("OGDCL") the national oil company of Pakistan. Schlumberger were engaged to primarily assess and report on the following; (i) geophysical, geological and petrophysical review and verification of the reservoir zones; (ii) fracture analysis and identification of fracture interconnectivity and (iii) estimation of the reservoir parameters.

International Sovereign Energy Corp. is an oil and gas exploration development and production company with offices in Vancouver, British Columbia, Calgary, Alberta and Islamabad, Pakistan and is active in the exploration and development of hydrocarbon reserves in Western Canada and internationally.

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.

Shares Outstanding 12,064,697

The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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