Weekly Report for Gazelle-P3 ST Well for 2nd Week of May

Rialto Energy Limited, provides the following weekly update on drilling operations at the Gazelle-P3 ST Well. The Gazelle-P3 ST well was spudded on 12 March 2012 using the Transocean GSF Monitor jack-up drilling rig. The well is the first of an overall three well drilling programme on CI-202 that is anticipated to take six months to complete, together with testing.

Since the last report, the well has been drilled to a depth of 2181m MDRT (1847m TVDSS). Rialto is expecting to drill and wireline log the Upper Cenomanian reservoir section during this week.

• WesternZagros Starts Garmian Drilling Program 
• Spudding of the 4th Well of Phase of Kharsang Field 
• Kosmos Announces Results from Sipo-1 Exploration Well 
• HRT Announces Results of Wingat Well 
• Marine-1 Drilling Rig to Start Operations in SP Phase 20 
• Tullow Oil Spuds Etuko-1 Well in Block 10BB 
• Pacific Provides Update on Oil Discovery in Bilby-1 
• Northern Petroleum Spuds GM-ES-4 Exploration Well 
• BPZ Energy Provides Operational Update 
• Apache Announced Three Discovers in Egypt 

• Rialto Energy Resumes Cote d'Ivoire Operations 
• Rialto Energy Completes Acquisition of C&L Natural Resources Limited 
• Rialto Appoints Mr. Simon Zoller as Drilling Manager 
• Rialto Granted EEA over Gazelle Field in Block CI-202 
• Exploration