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Western Canada based oil explorer Mako Hydrocarbons (ASX: MKE, OTC QX:MAEEY) has cased and drilled to 1,435 metres the second of three wells at Provost in Alberta, Canada.

Since the start of the year, Mako has closed two sales of interests in Duvernay and Rock Creek rights for $2 million and $10 million respectively.

It also repaid the $3.5 million outstanding balance on the 12.75% subordinated credit facility.

Average oil and natural gas production during the March quarter was 87 barrels of oil per day. The Company has cash of $6.26 million at the end of the quarter.

Mako focus

The focus is on emerging light oil and liquids rich natural gas resource pools where horizontal drilling and completion techniques provide improved recoveries and high rates of returns.

Mako has significant contiguous land holdings situated inside the liquids rich natural gas window of west central Alberta.

Horizontal and multi-stage fracturing technology generating new opportunities through improvement of well economics due to increased productivity from tight reservoir formation finished its first of three wells.

Provost

The planned first quarter drilling program in Provost, Alberta was delayed due to unseasonably warm winter weather, further exacerbated by an early spring break-up and the unavailability of drilling rigs.

Mako plans to continue its drilling program at Provost, with ten horizontal wells planned for the year.

The first well in the three well drilling program, located at 102/12-02-40-04 W4, finished drilling on Sunday, May 20th to a total measured depth of 1,233 metres. The well is cased and awaiting completion operations.

Due to poor weather, the drilling rig was idle until Saturday, May 26th when it was moved to the second well's location at 103/14-02-40-04 W4. The well was spudded that day and drilling operations continued until Wednesday, May 30th. The second well has been cased and drilled to a total measured depth of 1,435 metres.

The drilling rig has been moved to the third location at 103/11-02-40-04 W4 where the well was spud and drilling is currently underway.

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