update on drilling

This week should see big monement from Hutington well

"March 21, 2005
UPDATE KENNILWORTH RAIL ROAD #1
Carpenter Pacific Resources Ltd. (ASX:CPC) (the “Company”) advises that it has
reached the targeted total depth of 4,600 ft at its Kennilworth Rail Road #1 well (“KKR
#1”) at the Company’s 72.5% owned Helper Project in central Utah (the “Project”).
The KKR # 1 is a vertical well targeting the Ferron Sands and Coals and the first of a
multi-well drilling program on the Project acreage. The Project is located in the Uinta
basin in central Utah adjacent to the Drunkards Wash complex, the largest gas field in the
state of Utah.
Logging will commence shortly. Following logging of the well, the rig will move to the
Kennilworth Rail Road #2 location to start drilling a second well on the Project.
Subsequent to drilling the KKR #2, the company will undertake the completion and
testing of both wells.
UPDATE HUNTINGTON-2H
The Huntington-2H completion work in the Company’s 30% owned Jefferson-McLeod
Project is continuing and the Company expects results shortly. This well is the first in a
series of wells that the Company is planning to drill in this area in 2005.