Pebercan releases results of drilling for oil in Cuba

[El Presidente]

http://havanajournal.com/business/entry/pe...or-oil-in-cuba/

Press Release

Pebercan Inc.: Conclusive Results of Santa Cruz 305 Well

By Martineau

CANASI 100 2ND DUPLEX: DRILLING COMPLETED - COMPLETION DESIGN UNDERWAY

PEBERCAN INC. (TSX : PBC) is proud to announce that drilling of the Santa Cruz 305 well is completed and shows positive results. The well was spud on October 20, 2007 and completed on January 11, 2008, after which a testing period and multizonal completion were achieved in order to isolate several zones. Initial production totals 881 barrels per day of 10.2° API density oil.

Following the successful drilling by Sherritt of two Puerto Escondido 2nd duplex wells, which border the Canasi field, the Company drilled the Canasi 100 well to ensure development of new reserves on the 2nd duplex zone in the Canasi field. By the end of November 2007, the well reached a total length of 5,090 meters (for a vertical depth of 2377m) and the data shows a 70% oil saturation on approximately 1,400 meters. This well produced water and oil for a few hours before testing was interrupted due to technical problems. A completion is being designed for the current open hole and will be implemented during this month of February 2008.

For additional information, please contact:

PEBERCAN Inc.

Gilles Frachon (CFO) – [email protected]

Patrice Bedu (VP Exploration) – [email protected]

750, Marcel-Laurin Blvd., Suite 220 - Saint Laurent - Québec H4M 2M4 - Canada

Tel: 514-286-5200; Fax: 514-286-5177

RENMARK Financial Communications Inc.

Henri Perron : [email protected]

Dan Symons : [email protected]

Tel. : 514-939-3989

Fax: 514-939-3717

http://www.renmarkfinancial.com