Crosco, Integrated Drilling & Well Services Co., Ltd.

CROSCO Integrated Drilling & Well Services Co., Ltd. is pleased to announce the commencement of  drilling services for SIPETROL INTERNATIONAL S.A. Egypt Branch.

The CROSCO drilling services are being provided on the Opal Sinai-1 well as a part of a two firm plus one optional well contract.   The well is located in the Rommana concession in the North Sinai region of Egypt.   All drilling services are being provided with CROSCO 2000 HP drilling rig Emsco-605 (Emsco C-2II).

Igor Vrban, President of Crosco stated, ''The commencement of CROSCO drilling activities in Egypt signals recommencement of CROSCO drilling activities in North Africa.   CROSCO is actively preparing additional rigs in Egypt and is working to quickly return to work with three CROSCO drilling rigs based in Libya.''   He further explained,  ''North Africa has for decades been a core CROSCO market.   We are looking forward to using CROSCO's Egypt and Libya infrastructure and market knowledge to help our clients re-establish and grow throughout the region.''

CROSCO Integrated Drilling & Well Services Co., Ltd. is pleased to announce that CROSCO semisubmersible  Zagreb 1 is undergoing a comprehensive maintenance and service program as well as a five-year survey at the BrodoTrogir d.d. Shipyard in Trogir, Croatia.

Maintenance and service work is being done by CROSCO's Maintenance and Engineering Division.   The five-year survey is being conducted by Lloyd's Register.   Work being done on Zagreb 1 includes the complete overhaul of all drilling equipment, the BOP overhead crane and anchor winches.   The unit's BOP stack is being recertified in Cameron's facility, the hull is undergoing NDT class inspection and the anchor winches and wires as well as the ballast tanks and anchors are undergoing class inspections.   New high pressure mud, cement, choke and kill lines are being installed.    The mud pumps and electric motors are being serviced and anticorrosion protection is being done throughout.   All work is scheduled to be completed by October, 2011 and the work schedule can be expedited if required.   Zagreb 1 is available for charter.

Igor Vrban, President of CROSCO stated. "Interest for Zagreb 1 is being received from several global markets.   CROSCO is using the current unexpected lull to prepare Zagreb 1 for future drilling projects which usually entail short deadlines upon contract award. Upon completion Zagreb 1 will be fully certified and refurbished.   Zagreb 1 is the best semisubmersible with a 450 metre or 1476 foot water depth capacity in the market."

CROSCO Integrated Drilling & Well Services Co., Ltd. is pleased to announce that wholly-owned subsidiary Rotary Drilling Company commenced with the provision of drilling services for Kalegran Limited, a wholly-owned subsidiary of MOL Hungarian Oil and Gas Company.   Drilling services are being provided with Rotary 2000 HP drilling rig Rotary 67.   The Bekhme 1 well, the first of a two firm well contract, is being drilled in the Akre-Bijeel Block, Kurdistan Region of Iraq.

Igor Vrban, President of CROSCO explained, ''CROSCO is very pleased to be established in the Kurdish region of Iraq and to be providing drilling services to Kalegran.   CROSCO's subsidiary Rotary has established a branch office in Erbil and is actively pursuing drilling and oilfield service projects in the country and soon expects to mobilize additional equipment.  The Kurdish region of Iraq and the entire country is a prime strategic growth pillar for CROSCO.''