Armax Gaz commences the drilling of the Jimbolia-1ST well re-entry

November 8^th 2010, Armax Gaz, owner of 50% concession rights over Jimbolia perimeter, has the pleasure to announce that the drilling of the Jimbolia-1ST well re-entry commenced.

The Jimbolia concession perimeter lies in the Pannonian Basin and is located approximately 40 km west of Timisoara on the Romanian-Serbian border, and covers an area of 23.9 km2.

The objective of the Jimbolia-1ST well re-entry is to evaluate and test the Jimbolia-1ST well in order to evaluate the economic oil production potential of the Lower Pliocene VIII reservoir (2570-2550 m).

The drilling and testing operation starts November 8^th 2010 and will continue for a period of approximately 30 days.

Armax Gaz’s 50% partner on the Jimbolia Concession is Zeta Petroleum Romania, a private company who’s only stockholder is Zeta Petroleum LTD – Great Britain.

Armax Gaz
Marketing & Communication Department, Bucharest

November 8^th 2010