Fremont Petroleum Corporation Ltd. to report that the Amerigo Vespucci #1 well recorded a 24-hour Initial Production (IP) test rate of 82 barrels of oil per day and 900 MMcf/day, being 273 BOE/day. Gas flows were choked back to enhance oil production with peak flow rates of 2.4 MMcf/day recorded during the IP test. The well is producing a hot, high quality gas with a high energy value of 1,232 BTU's which is consistent with gas produced from the Niobrara formation in the core parts of the Wattenberg Field and DJ Basin. This result is a considerable improvement on the previous well drilled, the J.W. Powell which recorded an IP of 220 BOE/day.