International Sovereign Energy Corp.

International Sovereign Energy Corp.

March 19, 2007 11:03 ET

Sovereign Signs Two Farm-In Agreements with Mari Gas, Pakistan

CALGARY, ALBERTA--(CCNMatthews - March 19, 2007) - International Sovereign Energy Corp. (the "Company")(TSX:ISR) is pleased to report that the formal Farm-In Agreements on the two previously announced blocks have been signed with Mari Gas Company of Pakistan, the second largest producer of gas in Pakistan.

Sukkur Block

The Company has a 15% working interest in the block, which covers an area of 2,435 Sq. Kms., situated in the Sindh province and is surrounded by numerous large gas fields producing from multiple reservoirs. There are four producing gas fields within the 'Sukkur Concession'. The Sembar formation, which is the source rock for all the producing fields in Sindh, is present in the block. The reservoir rocks of Lower Goru and Sui main limestone has the combined potential of 0.5 to 10 TCF of gas. Mari Gas, the operator of the block, has acquired seismic data and interpretation is in progress. Two exploratory wells are expected to be drilled in the last quarter of 2007. Gas pipeline is also situated within the block.

Sujawal Block

The Company has a 15% working interest in the block, which covers an area of 2,416 Sq. Kms., located in the Sindh province, Badin area, which contributes more than 50% of the oil production in the country, and numerous oil and gas discoveries exist to the East of the block. The basal sand unit of Lower Goru sandstone is the primary target, which is the producer in most of the discoveries in the Badin area. Seismic data has been acquired and interpretation is in progress. The drilling of one exploratory well is expected in the third quarter of 2008.

Charapa, Ecuador Update

Implementation of the modified work program requires an updated environmental baseline study of the Charapa Concession, along with environmental impact studies for the areas to be covered in the pending seismic program, as well as the access and drill pad location for the initial drill target in the Conejo section of the Concession (Conejo 1 well) which target is based on existing seismic data. Work is scheduled to commence in April, 2007.

The Charapa Concession is located North of the producing Lago Agrio field, which has produced 145 million barrels of light oil since 1972, primarily from the cretaceous Hollin formation. Cumulative past production from the Charapa field was some 1.694 million barrels of oil primarily from the Caliza 'B' reservoir.

The Charapa block contains three (3) prospective untested structures, which are the primary areas of interest within the Concession and are the areas covered in the modifications to the Concession Agreement, namely: Conejo; The Conejo structure is bordered to the East by the same pronounced reverse fault that sets up the producing San Miguel/Acae field located 6 Kms to the North across the Colombian border. A vertical well for purposes of evaluating the Conejo structure is planned. Charapa S.W.; is a seismically defined feature, this structure will be evaluated seismically as part of a 50 Sq. Km 3-D survey. Halcon; The Halcon structure is located in the S.W. portion of the Concession. This structure will also be evaluated by the planned seismic program.

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.

Shares Outstanding: 13,915,084

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.

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
    (604) 684-2407 (FAX)