announcement out, page-2

re: announcement out (view) July 26, 2005CARPENTER PACIFIC PROJECT ACTIVITY UPDATE
Further to the Investor Presentation of 24 June 2005, the Company has now
commenced a significant program of operations at its projects located in East
Texas and Utah in the USA. Both the recompletion programs in Texas and the
completion program in Utah have commenced. Results will be announced when
stabilized flows are achieved.EAST TEXAS (30%OWNED BY CARPENTER PACIFIC)
Well Re-Completions.
In the last week, the company has successfully recompleted the following wells.
Davis #2. The well was perforated and fracture stimulated in the Taylor sand of
the Cotton Valley formation. The well is currently cleaning up following the frac.
Following a stabilized flow, this reservoir will be commingled and produced
together with the original producing reservoir. As a result of the successful
fracture stimulation of the Taylor reservoir, the company is currently leasing
approximately 2000 new acres adjacent to this well bore.Childers #1. The well was perforated and fracture stimulated in a Travis Peak
reservoir. The well is currently cleaning up following the frac. When a stabilized
rate is achieved, the company expects to perforate and frac an additional Travis
Peak reservoir. The two new producing reservoirs will then be added to the
existing producing reservoir and all three will be commingled and produced
together.

The company is planning to drill a horizontal well offsetting this well targeting the
Travis Peak

.Huntington-2HThe Huntington 2-H well drilled earlier in the year has been placed on production
and it is expected that a stabilized flow rate will be established over the next 2 to
4 weeks, with production rates anticipated to be in line with original projections.CLEAR CREEK PROJECT ­UTAH (70%OWNED BY CARPENTER PACIFIC)Utah Fuel #2 well.
In the last week, a completion rig was moved to the Clear Creek Unit and
completion activities commenced on the Utah Fuel #2 well. This well was shut-in
in 1964 while making over 1mmcf/day (million cubic feet). Early results are
encouraging. Utah Fuel #10 well.
Upon completion of the work on the Utah Fuel #2, the rig will move to the Utah
Fuel #10 well which has been shut-in since 1966. The principal reservoir in the
field has never been perforated in this well bore and the Company intends to
perforate and test this reservoir.It is anticipated that five other wells will be completed in this field over the next
few months utilizing the same completion rig.
HELPER PROJECT ­UTAH (64%OWNED BY CARPENTER PACIFIC)Carpenter Pacific drilled two wells earlier in the second quarter of this calendar
year in the Helper Project in central Utah, the Kennilworth RR #1 and the
Kennilworth RR #2. The wells are currently shut-in, awaiting completion. The
same completion rig that is used at Clear Creek will be used to fracture stimulate
and complete these wells. Both the Helper and the Clear Creek Project have easy access to pipelines;
contracts for the sale of gas are currently being finalized.

Carpenter Pacific Resources is aggressively pursuing a low risk strategy to increase reserves and
production of non-conventional natural gas in the onshore USA. The company plans to develop
low cost reserves by exploiting mature reserves and finding new reserves in existing producing
areas. Favorable industry fundamentals, including record high natural gas prices, advances in drilling, completion and fracture stimulation techniques, coupled with ready access to
infrastructure have allowed the company to pursue several attractive investment opportunities.
The company currently has in its portfolio an inventory of two to three years of drilling
opportunities, which if successful could create a substantial reserve base.For further information contact:North American Contact: Mr Jeff ClarkeManaging Director & CEOPh: +0011 214 244 7690Email: [email protected] Australian Contact: Mr Peter ColleryExecutive Director and Company SecretaryPh: 03 8862 6466Email: [email protected]