Reabold announces commercial discovery in California's West Brentwood area

LONDON -- Reabold, the oil and gas investing company, has announced that Integrity Management Solutions, contract operator of the company's California investments, has informed the company of a commercial hydrocarbon discovery at the Venturini-Ginochio #3 (VG-3) well within the West Brentwood license area. The well was safely drilled to the planned target depth of 4,600 ft and will now be completed as a producer.

The well was drilled in a location up-dip of a previously-producing well at West Brentwood field, where logging equipment indicated the presence of good sands and significant oil and gas shows in the Second Massive target formation, as well as additional strong gas shows in shallower horizons. Halliburton wireline logging confirmed the presence of approximately 60 ft of pay, in line with the Company's pre-drilling targets. Surface cutting samples were taken confirming the presence of hydrocarbons. Integrity will now begin installing production casing and completing the well as a producer.

As part of its earn-in agreement with Sunset Exploration, Reabold funded the VG-3 well to earn a 50% equity interest (operated by Integrity) in the West Brentwood license. Given the success at VG-3, Reabold and Integrity have begun work on assessing whether there is potential to add a second well at West Brentwood to enhance value further. A second well would be drilled at 50% paying interest and 50% equity interest to Reabold.

Additionally, Integrity have begun finalising permitting for the next well in the Reabold California programme, which will be drilled on Monroe Swell field. Similarly to VG-3, this will test a target up-dip of a previously-producing field which has been identified on 3D seismic and has been considerably de-risked by the recent workover campaign of four older wells at Monroe Swell.