Fremont Petroleum Corporation Ltd. announced drilling of Amerigo Vespucci #1 well is on-track and the production section of the well-bore is now being drilled. Currently, the drill bit is at approximately 5,000 feet at the top of the Niobrara formation. Drilling operations are progressing safely and to schedule and ~1,000 feet of drilling remains before the well reaches its planned targeted depth of approximately 6,000 feet total vertical depth (Approx. 1,830 metres). The Amerigo Vespucci #1 well is being drilled as a vertical well and is targeting production from the B and C Benches of the Niobrara Formation, the same formation that yielded favorable oil & gas flow rates from the recently completed J.W. Powell #23-25 well. Images of current drilling operations follow. Updates will be provided as drilling of the production section of the well advances. Fremont confirms that the 3D Seismic acquisition program is also progressing well and on-track to be completed in May.