DRY EXPLORATION WELL ON PL 377S (26 JULY)

Spring Energy announces a dry well result in well 35/7-1ST2, on the Apollon prospect in PL 377S, located in block 35/7, 7 km west of the Vega Field.

The objective of the well was to prove hydrocarbons in the Middle Jurassic Brent group and the Lower Jurassic Cook formation.

The well was drilled to a total vertical depth of 4773 m below sea level and proved that both zones had poorer reservoir quality than expected. Data acquisition and sampling have been carried out and the well has been classified as a dry well.

The well was operated by Idemitsu Petroleum Norge AS on behalf of the PL 377S license group, using the rig Aker Barents. Spring Energy holds a 20 % working interest in the license.

Spring Energy has committed to a further 7 exploration and appraisal wells, 3 of which are scheduled for 2011. The next prospect to be drilled is the Butch prospect in PL 405 located in the North Sea. The well is expected to spud in August.

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Spring Energy is an independent, upstream oil and gas company focused on the Norwegian Continental Shelf.

Founded in late 2007, the Company has, through license applications, farm-in transactions, acquisitions and swaps, built a considerable portfolio of exploration and appraisal assets. The Company's portfolio provides a balanced spread of risk and reward, encompassing 32 licenses, including 3 as operator and one producing field. It has a small highly experienced technical and commercial team based in Oslo.