Kulczyk Identifies Four Potential Gas Zones in Olgovskoye-15 Well

Kulczyk Oil Ventures Inc. has announced that four potential gas zones with an aggregate thickness of 23 metres have been identified in the Olgovskoye-15 ("O-15") well and that O-15 has been cased to a total measured depth of 3,246 metres as a potential gas well.

The O-15 well was drilled as a directional well to evaluate the potential of the Bashkirian R30c and Serpukhovian S5 reservoir sands to further develop the gas production capability of the Olgovskoye Field. Well logs indicated up to 9 metres of potential gas pay in the R30c and up to 6 metres of potential gas pay in the Serpukhovian S5 zone. Potential gas pay was also encountered in the B3 (5 metres) and R22 (3 metres) zones.

Gas was initially discovered in the S5 zone in the Makeevskoye-16 ("M-16") well, located approximately 13 kilometres to the southeast of O-15, which was tested in April 2013 at 4.3 million cubic feet per day ("MMcf/d").

The O-15 well is operated by KUB-Gas LLC ("KUB-Gas"), a partially-owned subsidiary in which KOV has a 70% effective ownership interest.

The main shareholder of the Company is Kulczyk Investments S.A., an international investment house founded by Polish businessman Dr. Jan Kulczyk.