SOURCE: Zulu Energy

June 10, 2008 12:17 ET

Zulu Energy Corp. Spuds First Coal Bed Methane Exploration Well in Botswana

SHERIDAN, WY--(Marketwire - June 10, 2008) - Zulu Energy Corp. (OTCBB: ZLUE) ("Zulu Energy" or the "Company") today announced it has spudded 2008-01, its first coal bed methane exploration well on the Company's Pandamatenga licenses in northeastern Botswana, Africa.

Drilling is currently penetrating through the overlying Kalahari Sands followed by the Stormberg Lavas, with total depth expected to be in the range of 600 to 800 meters. We expect to drill coals in the Lower Ecca by rotary drilling methods with drill cuttings to be collected and desorbed to determine preliminary gas content levels. Sites for the first six of 18 planned stratigraphic exploration holes have been determined, and the resulting data will help management identify the most favorable areas for core desorption tests to establish definitive gas content. The Company plans to then evaluate gas content, coal thickness and permeability to determine final targets for production pilots.

"We are delighted that we are now underway with our exploration program in Botswana, and we intend to proceed methodically yet aggressively in developing what we believe are promising coal bed methane prospects," said Paul Stroud, president and CEO of Zulu Energy. "We have a strong development team in place, and we are operating in what is widely considered to be Africa's most politically and economically stable country. We look forward to moving ahead with our program and reporting drilling results."

Zulu Energy's Pandamatenga licenses cover approximately one million hectares (2.2 million acres) in an extension of the Mid-Zambezi Basin in northeastern Botswana -- an area we believe to have strong potential for coal bed methane hosted in the Lower Ecca Group of the Permian age Karoo Supergroup.

Forward-Looking Statements

All statements, other than statements of historical facts, included in this press release that address activities, events, or developments that the Company believes or anticipates will or may occur in the future are forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include the Company's ability to obtain additional financing to fund general operations and project work in the Republic of Botswana, the absence of any proved reserves, the need to obtain governmental approvals to renew the leases and to conduct various operational activities, general economic and business conditions, and other factors over which the Company has little or no control. The Company does not intend (and is not obligated) to update publicly any forward-looking statements. The contents of this press release should be considered in conjunction with the warnings and cautionary statements contained in the Company's filings with the U.S. Securities and Exchange Commission.

Contact Information

  • Contacts:
    James Hostetler
    CFO & Executive Vice President
    Zulu Energy Corp.
    303-475-6755