Sky Petroleum Provides Drilling Progress Report

2/8/2006, 10:00 AM (Source: GlobeNewswire)
Drilling Commenced on January 31st, 2006; Current Depth Is More Than 2,000 ft

AUSTIN, TX -- (MARKET WIRE) -- 02/08/2006 -- Sky Petroleum, Inc. (OTC
BB: SKPI), an oil and gas exploration company, is pleased to announce
that Buttes Gas and Oil Co. International Inc., a wholly owned
subsidiary of Crescent Petroleum Company International Limited
("Crescent"), the operator of the Mubarek Field, commenced drilling
operations on January 31st at the Mubarek H-2, the first of Sky
Petroleum's two infill wells on the field. The well is being drilled
from an existing wellhead platform to a sub sea depth of
approximately 13,500 feet into the Ilam/Mishrif oil reservoir and as
of February 6th the well was at a drill depth of 2,224 ft.

"We are very pleased with the current progress of H-2 as we are
on-time and on-budget," said Brent Kinney, chief executive officer at
Sky Petroleum, Inc.; "We will be providing additional updates over
the next several weeks as operations continue."

Crescent is one of the United Arab Emirates most established and
successful, integrated low-cost operators with over 30 years of
extensive experience in the region. As operator of the Mubarek Field
for over three decades, Crescent brings extensive knowledge of the
subsurface conditions of the Mubarek Field. The first commercial oil
was produced from the Mubarek Field in the mid 1970's and the field
has been in continuous production since then.

About Sky Petroleum

Sky Petroleum (OTC BB: SKPI) is an oil and gas exploration company.
Sky Petroleum's primary focus is to seek opportunities where
discoveries can be appraised rapidly, and developments can be
advanced either by accessing existing infrastructure, or by applying
the extensive experience of established joint-venture partners. In
addition, the company also plans some higher risk, higher reward
exploration prospects. For additional information please visit
www.skypetroleum.com

Safe Harbor

Except for historical information, the matters set forth herein,
which are forward-looking statements, involve certain risks and
uncertainties that could cause actual results to differ. Potential
risks and uncertainties include, but are not limited to, the timing
and success of the proposed infill drilling programs, the
contemplated continued production at the Mubarek Field, and
anticipated production from the wells, if any, the competitive
environment within the oil and gas industry, the extent and cost
effectiveness with which Sky Petroleum is able to implement
exploration and development programs in the oil and gas industry,
obtaining drilling equipment on a timely fashion, commodity price
risk, and the market acceptance and successful technical and economic
implementation of Sky Petroleum's intended plan.
Contact:
Michael Noonan
512-437-2582
mnoonan@skypete.com
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