IPR Energy Red Sea Inc., IPR Group of Companies

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IPR Energy Red Sea Inc., a member of the IPR Group of Companies, has retained Stellar Energy Advisors to sell certain interests in the Gulf of Suez in Egypt. The package includes working interests in the North July concession and the North Ramadan concession. IPR is operator of both. IPR holds a 50% working interest in North July with Sahara Oil and Gas Co. of Egypt holding the other 50%. IPR holds a 30% working interest in North Ramadan, with ONGC Videsh Ltd. of India holding 70%. North July currently produces from one well with plans to exploit upside through waterflooding. Estimated gross proved recoverable reserves are 2.5 million barrels of oil (6.2 million barrels gross proved plus probable). North Ramadan has estimated gross proved recoverable reserves of 4.8 million barrels of oil (11.8 million barrels gross proved plus probable). The bid due date is Oct. 9. The effective date is April 1, 2009. Contact Spencer Winter, +44 (0) 20-7493-1977.