Gulfsands reserves report for Tigris structure in Syria
Syria-USA, Business, 2/3/2006

Gulfsands said in a statement on January 30th that as the operator and having a 50% working interest in Block 26, Syria, Gulfsands engaged Ryder Scott Company, L.P. (Ryder Scott), an independent petroleum engineering firm, to conduct a reserves study based on the results of a well drilled on the Tigris structure in 1994 and 3D seismic data over the structure.

Ryder Scott developed two cases for this evaluation, an oil case and a gas case, as there is not sufficient data available at this time to determine the expected hydrocarbon fluid contained within the Tigris structure. This reserves study as of 1 January 2006 classified recoverable Probable and Possible Reserves and Prospective Resource as follows:


· For primarily a natural gas accumulation, Ryder Scott has classified 442 BCFG as Probable Reserves, 442 BCFG as Possible Reserves, and a further 3447 BCFG as a Prospective Resource. In summary total reserves potential among Probable, Possible and Prospective Resource is 4330 BCFG (722 MMBOE).

· For primarily an oil accumulation, Ryder Scott has classified 104 million barrels of oil and 64 BCFG as Possible Reserves and a further 408 MMBO and 245 BCFG as a Prospective Resource. In summary total reserves potential among Possible and Prospective Resource is 512 MMBO and 308 BCFG (combined 563 MMBOE).

The study identified nine potentially productive zones within Palaeozoic age reservoirs in the existing well bore.

Gulfsands has signed a Letter of Intent with a drilling contractor to drill a well on the Tigris structure. Gulfsands plans to commence drilling this well in August 2006.

Block 26 Reserves

Subsequent to increasing Gulfsands' working interest to 50% and becoming the operator of Block 26, the Group conducted a detailed review of the six wells previously drilled to test Palaeozoic reservoirs within the Block. From this work, Gulfsands concluded that three of the wells encountered potentially commercial hydrocarbon accumulations, based on drilling and independent wireline log evaluation. The largest of these probable accumulations, the Tigris structure, is found beneath the Souedieh Field, the largest oil field in Syria with estimated reserves of some 2 billion barrels of oil recoverable (approximately 1.3 billion barrels of oil produced to date). Gulfsands' Production Sharing Contract in Block 26 includes oil and gas rights to Palaeozoic age reservoirs beneath all of the existing fields within Block 26, such as the Tigris structure, and oil and gas rights to all depths in areas outside of the existing producing fields.

Gulfsands engaged Ryder Scott to prepare an independent reserves study of the Tigris structure to quantify and classify reserves conforming to the definition approved by the Society of Petroleum Engineers and the World Petroleum Congress. The data used for the study includes wireline logs from a well drilled to the Palaeozoic in the Tigris structure in 1994, and a 3D seismic survey available over the Souedieh Field. Ryder Scott developed two cases for this evaluation, an oil case and a gas case, as there is not sufficient data available at this time to determine the expected hydrocarbon fluid contained within the Tigris structure. Reserves and resource figures in this announcement are stated in BCFG (billions of cubic feet of natural gas), MMBO (millions of barrels of oil) or MMBOE (millions of barrels of oil equivalent, where six thousand cubic feet of natural gas is equivalent to one barrel of oil).

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