The SL 328-1 well, Lake Long Field, Lafourche Parish, South Louisiana was turned to sales on 11 January 2005 and is currently producing at about 4.8 million cubic feet of gas per day and 300 barrels of oil per day on a 9.5/64 inch choke at a tubing pressure of 6,750 psi.

Facilities in the Lake Long field were recently upgraded to handle this additional production, FAR said.

The 16,654 feet 328 #1 well was drilled in the second half of 2004 and was completed for production from the Middle Hollywood Pay Sand Interval, which logged 28 feet of net gas pay (adjusted for well deviation). This interval had not previously produced within the field.

SL 328 -1 represents the fifth well in the Lake Long Field in which FAR has participated, all of which have resulted in commercial production.

The drill data from this is being integrated into the 3D data base with preliminary observations that Hollywood potential exists in two up-dip fault blocks. FAR has agreed to participate in reprocessing seismic data to further delineate these additional prospects prior to drilling around mid 2005.

FAR has varying interests in several producing wells in the Lake Long field including a working interest of 4.09375% in SL 328 -1. All working interests are subject to state and other minor royalties. Other participants are non-listed North American entities, Kriti Exploration Inc and Palace Exploration Company.

Meanwhile in Bay Courant Project, Lafourche Parish, South Louisiana, production facilities are being built for planned February 2005 first production.

FAR has a 20% stake in this block.

A permit application for pipeline construction has been lodged; a production barge has been purchased and is being upgraded, and plans are progressing to use the nearby Tennessee Gas Pipeline (El Paso).

Proposals have also been put to several purchasers which should enable the field to be selling oil and gas from the SL 17316-1 well by late February 2005.

SL 17316-1 was drilled to total depth of 12,852 feet during late 2004 and confirmed as an oil discovery in the Bourg Sand Interval at 11,800 feet, which logged about 12 feet of net pay.

The operator has run production casing and anticipates first sales of oil and gas within 60 days.

The Pelican, Duval and Dulac objectives came in structurally low to prognosis. But preliminary post-hole evaluation by the Operator suggests further potential remains to be exploited within the field by additional development drilling, the timing of which will depend upon the production performance of the current well.

A deeper Bay Courant structure, mapped on seismic, is also yet to be evaluated by a test well at a crestal location. Known as the “PR Zone” this play provides significant upside in the deeper pressured sands similar but smaller than FAR’s recent Lake Long Deep test.

Majors have expressed an interest in farming into the lease for a deep test, according to FAR.

The Bay Courant Project is located in the intracoastal State waters, Lafourche Parish, South Louisiana about 40 miles south-southwest of New Orleans.

FAR’s working interest at Bay Courant will reduce from 20 percent to 15 percent once payout has been achieved. FAR is the only listed entity participating in the project with other interests held by North American entities.