Ann: Petsec Energy Announces Drilling at Mystic Bayou Field, page-4

It has been a long time since PSA had concurrent exploration wells ..... a very exciting but critical period ahead as combined these wells on a dry hole basis eat up 11% remaining cash ......if both fail then there will be a huge ? regarding the geological team's competence considering these are more appraisal rather than wildcat wells and taking into account the two previous failures in this program .

If one ore both come in then this should be the beginning of the PSA comeback, as each should produce at around 5-10mmcfgpd and 50 -100 blpd with hookup within 4-6 months. At around 20% NRI they should lift production by 2-4 mmcfgpd , 20-40 Blpd leading to a revenue lift at current prices of $2.3-$4.6 million.....small bikkies admittedly but you have to start somewhere.

Looking forward to next week to hear more detail on these and the upcoming wells.

Cheers

Dan