Fremont Petroleum Corporation Ltd. to advise that the Amerigo Vespucci #1 well has intersected crude oil. The Company has now tripped out all of the 199 joints of drill string out of the hole that were used to drill the well down to its total depth of 5,977 feet. Of the 199 joints of drill string, 154 of these strings totalling 4,620 feet (1,408.17 metres) were covered in crude oil. Early indications are that the well has intersected a significant fracture network that is producing crude oil under pressure which is liberating in to and up the well-bore. In response to the substantial amount of oil being evidenced, logging tools are being deployed to identify the zones where this oil is originating. An extensive electronic logging program is now underway and has now been expanded to thoroughly analyse all 4 benches of the Niobrara Formation plus the deeper Codell and Greenhorn formations. Following these logging operations, an extensive geophysical and petrophysical analysis will be completed. This analysis identifies the most prolific zones for hydraulic stimulation and completion. The Company is very encouraged by this crude oil intersection, as well as the extensive oil and gas shows that were identified by the independent mud-loggers. Fremont looks forward to progressing this well through completion. All material updates will be reported as they come to hand.