Utopia 14 Well Oil Discovery
Utopia 14 Well Oil Discovery
Sydney, Feb 13, 2013 AEST (ABN Newswire) - Bounty Oil and Gas NL (ASX:BUY) is pleased to announce that Utopia 14 development well at Utopia Oil Field SW Queensland has encountered very good oil shows in sandstones at the target Murta zone in the 12 metre interval from 1006 metres MDRT to 1018 metres MDRT.

The well reached TD at about 0600 today 13 February 2013 and was conducting a wiper trip in preparation to run electric logs.

Bounty is participating at its 40% interest in the well and in the next well - Utopia 12.

Commenting; Bounty's CEO Philip Kelso said:

"Bounty is very excited that U14 has proved oil near the top of the Utopia East closure 3 kilometres ESE of the main Utopia pool as this opens up a significant part of the 200 square kilometre Utopia lease for additional oil resources at the Murta zone above the oil water contact. Bounty will issue a more detailed release at completion of logging"

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About Bounty Oil and Gas Nl

Bounty is an Australian ASX listed oil producer and explorer (ASX:BUY). Its core petroleum production and exploration assets are located onshore in the Cooper/Eromanga Basins and in the Surat Basin in Queensland and South Australia. Its growth assets are spread over a number of high impact projects in Australia and Tanzania where it is exploring for oil and gas. In Australia; offshore it holds AC/P 32 Timor Sea and is a participant in PEP 11, Sydney Basin.

Bounty has interests in other permits including Tanzania where it is a participant in the Kiliwani North Gas Field development and is exploring for additional gas pools with up to 1 TCF potential.

Bounty has reserves and resources approaching 4 million barrels of oil equivalent.



Bounty Oil and Gas Nl
T: +61-2-9299-7200
F: +61-2-9299-7300
WWW: www.bountyoil.com/

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