Sky Petroleum Completes Drilling

5/24/2006, 10:00 AM (Source: GlobeNewswire)
Oil Saturations Over a 100 ft Section in the Reservoir

AUSTIN, TX -- (MARKET WIRE) -- 05/24/06 -- Sky Petroleum, Inc.
(OTCBB: SKPI), an oil and gas company with a development project in
the United Arab Emirates, is pleased to provide a drilling progress
report on the Mubarek H-2 well. Crescent Petroleum Company
International Limited ("Crescent"), the operator of the Mubarek
Field, reports that the drilling of the Mubarek H-2 was completed at
a total depth of 15,020 feet (drilled depth). Logging of the well
indicates good oil saturations over more than 100 feet in the
Ilam/Mishrif reservoir section, and the well has been cased to enable
testing of these zones. Testing of the well from the production
platform is currently underway, and after the well has stabilized
definitive results will be available within 7-10 days.

The Rani Woro jackup rig was released from the Mubarek H-2 drilling
location on May 18th after completing and perforating the well, and
has moved to another field nearby to drill for another operator. The
Rani Woro will return to the Mubarek field to drill the second of two
obligation infill wells in the third quarter 2006.

"We are very pleased that we have completed drilling operations and
are now only a week or so away from beginning production," said Brent
Kinney, chief executive officer at Sky Petroleum, Inc.

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-1970s and the field
has been in continuous production since then.

About Sky Petroleum

Sky Petroleum (OTCBB: 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.
Investor Contact:
Michael Noonan
512-687-3427
mnoonan@skypete.com

Media Contact:
Clint Woods
713-627-2223
cwoods@piercom.com
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