RSX Contracts Rig to Begin Summer Drilling Program

RSX Contracts Rig to Begin Summer Drilling Program

Calgary-based RSX Energy has contracted a telescopic single rig for a one-year term commencing on or about July 15. The rig “Impact 106″ is in the final stages of construction and is capable of drilling to approximately 2500 meters, sufficient for drilling in the company’s operated core areas in Alberta.

The rig will immediately move to Gold Creek and Karr to drill 1 exploration (1.0 net) and 3 development locations (2.0 net) that were scheduled to be drilled in the first quarter of 2006. Drilling in these areas is expected to be completed by the end of August.

RSX has increased its drilling activity at Boundary Lake, Alberta. The company has committed to farm-in terms in which it could earn a 100-percent interest in up to eight sections of land adjacent to its existing 100-percent lands. RSX has made gas discoveries at Boundary Lake in the Halfway and Kiskatinau zones based on 3D data shot in 2005. The company expects to drill 1-2 locations (1.0-2.0 net) on existing lands and up to three initial locations (3.0 net) on the farm-in lands. It is expected that the Impact 106 rig will move to Boundary Lake in early September.

In the fourth quarter of 2006, RSX will operate a 2100-meter test at Pine Creek (RSX 100 percent) and a 1500-meter test at Sangudo (RSX 100 percent). In the winter of 2007, RSX will use Impact 106 to drill exploration and development locations in all operated core areas.

At Hinton Alberta, RSX (40 percent) has spudded its first development well at 6-21-51-25 W5M which is currently setting surface casing at approximately 600m. The well is expected to reach total depth by late July 2006


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