Contact: Stephen W. Mason, President & CEO Tel: +44 7841 373 695
Martin H. Eden, Vice President Finance & CFO Tel: +1 (403) 268-6511
Wendy E. Shaw, Manager of Investor Relations Tel: +1 (403) 268-6518
Cecilie Schøyen, Investor Relations - Norway Oslo Tel: +47 22089605
www.artumas.com
Artumas Group announces it has signed a Market Agreement with Terra Securities ASA of Oslo, Norway to carry out appropriate market making initiatives as required. This agreement is valid for a period of four months and will operate in full compliance with the regulations and reporting requirements of the Oslo Stock Exchange.
Additionally, Artumas Group is pleased to report the Nabors Rig 221 arrived in Mnazi Bay four days ahead of schedule on 29 April 2006. Off-loading, mobilization to the lease site and rig-up is currently well underway in preparation for spudding the Mnazi Bay #2 appraisal well. Artumas estimates 55 days to drill, test and complete the well.
The 1,500-horse-power diesel-electric triple land rig, complete with a 500-ton top drive, is under a one-year drilling rig contract from Nabors Drilling International. Artumas has the option to extend the rig contract, as required, and has secured all drilling services for the drilling operation.
Artumas' common shares trade on the Oslo Stock Exchange under the symbol AGI.
FORWARD LOOKING STATEMENTS
This news release may contain forward-looking statements including expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price, price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.
This news release is not for dissemination in the United States or to any United States news services. The common shares of Artumas have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold in the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
WARNING
Oslo Bors has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
