Naftex subsidiary commences drilling of exploratory well offshore Brazil

Trading Symbol:YNF-D



Apr 19, 2001, 01:00 ET from Naftex Energy Corporation

    VANCOUVER, April 19 /PRNewswire/ - NAFTEX ENERGY CORPORATION (the
 "Company" or "Naftex"), announces that its indirect wholly owned subsidiary,
 Coplex Petroleo do Brasil Limitada ("Coplex Brasil"), has commenced the
 drilling of an exploratory well named 1-SCS-10, in Block BS-3, in the Santos
 Basin offshore Brazil. This well fulfils the minimum exploratory work
 obligation towards the National Petroleum Agency (ANP) for the licence.
     The drilling rig used for the well is Pride's semi-submersible HP/HT
 Nymphea. The location for the well is in a water depth of approximately 200
 meters, around 100 miles east of the Town of Itajai, offshore the State of
 Santa Catarina, Southern Brazil. The total well depth is planned at 5200
 meters, and the total drilling time (including evaluation time) is estimated
 at approximately 75 days. The budget for the well is estimated at around US$
 15 million.
     The geological objectives to be tested are Albian carbonates, of the
 lower Guaruja Formation. These objectives are the same type of reservoirs as
 are producing in the nearby Caravela Field, currently in production and
 operated by Petrobras, as well as in the discoveries made in the Coral and
 Estrela-do-Mar fields, both to be developed by the joint venture. The well
 location was selected based on the re-interpretation of an existing 3-D
 seismic survey over the area, as well as the interpretation of additional 2D
 seismic lines acquired and processed by the joint venture with pre-stacked
 depth-migration techniques in order to improve the structure's definition.
     The location selected for the well is expected to be up-dip to earlier
 discoveries made by Petrobras in the wells 1-BSS-65 and 4-CVS-1, drilled years
 ago. The well is planned to appraise the extension of these discoveries and is
 located with the view to be converted to a future production well, if
 successful.
     The new seismic and the extensive re-interpretation work done by the
 joint venture has encouraged the management of the Company to believe that the
 recoverable reserve potential of the targeted structure is substantial and may
 result in a third commercial development under the license, in addition to the
 development of the Coral and Estrela-do-Mar fields.
     The partners in the joint venture are Petrobras (35%), Queiroz Galvao
 Perfuracoes S.A. (30%), Starfish Oil & Gas (7.5%) and Coplex Brasil (27.5%).
 Petrobras is carried through this exploration well by the other parties pro
 rata, thus Coplex Brasil will carry 42.31% of the well costs. Petrobras is the
 operator. Coplex Brasil's share of budgeted well costs are approximately US$
 6.3 million.
 
     By Order of the Board
 
     NAFTEX ENERGY CORPORATION
 
      "John M. Dahlen"
 
      John M. Dahlen
      President and Chief Executive Officer
 
     The Canadian Venture Exchange has not reviewed and does not accept
 responsibility for the adequacy or accuracy of this release.
 
 

SOURCE Naftex Energy Corporation
    VANCOUVER, April 19 /PRNewswire/ - NAFTEX ENERGY CORPORATION (the
 "Company" or "Naftex"), announces that its indirect wholly owned subsidiary,
 Coplex Petroleo do Brasil Limitada ("Coplex Brasil"), has commenced the
 drilling of an exploratory well named 1-SCS-10, in Block BS-3, in the Santos
 Basin offshore Brazil. This well fulfils the minimum exploratory work
 obligation towards the National Petroleum Agency (ANP) for the licence.
     The drilling rig used for the well is Pride's semi-submersible HP/HT
 Nymphea. The location for the well is in a water depth of approximately 200
 meters, around 100 miles east of the Town of Itajai, offshore the State of
 Santa Catarina, Southern Brazil. The total well depth is planned at 5200
 meters, and the total drilling time (including evaluation time) is estimated
 at approximately 75 days. The budget for the well is estimated at around US$
 15 million.
     The geological objectives to be tested are Albian carbonates, of the
 lower Guaruja Formation. These objectives are the same type of reservoirs as
 are producing in the nearby Caravela Field, currently in production and
 operated by Petrobras, as well as in the discoveries made in the Coral and
 Estrela-do-Mar fields, both to be developed by the joint venture. The well
 location was selected based on the re-interpretation of an existing 3-D
 seismic survey over the area, as well as the interpretation of additional 2D
 seismic lines acquired and processed by the joint venture with pre-stacked
 depth-migration techniques in order to improve the structure's definition.
     The location selected for the well is expected to be up-dip to earlier
 discoveries made by Petrobras in the wells 1-BSS-65 and 4-CVS-1, drilled years
 ago. The well is planned to appraise the extension of these discoveries and is
 located with the view to be converted to a future production well, if
 successful.
     The new seismic and the extensive re-interpretation work done by the
 joint venture has encouraged the management of the Company to believe that the
 recoverable reserve potential of the targeted structure is substantial and may
 result in a third commercial development under the license, in addition to the
 development of the Coral and Estrela-do-Mar fields.
     The partners in the joint venture are Petrobras (35%), Queiroz Galvao
 Perfuracoes S.A. (30%), Starfish Oil & Gas (7.5%) and Coplex Brasil (27.5%).
 Petrobras is carried through this exploration well by the other parties pro
 rata, thus Coplex Brasil will carry 42.31% of the well costs. Petrobras is the
 operator. Coplex Brasil's share of budgeted well costs are approximately US$
 6.3 million.
 
     By Order of the Board
 
     NAFTEX ENERGY CORPORATION
 
      "John M. Dahlen"
 
      John M. Dahlen
      President and Chief Executive Officer
 
     The Canadian Venture Exchange has not reviewed and does not accept
 responsibility for the adequacy or accuracy of this release.
 
 SOURCE Naftex Energy Corporation