News & ASX Releases

Daily Drilling Status Report

March 23, 2009

Bezzecca #1 (Cascina S. Pietro Permit)

Po Valley Energy (ASX: PVE) reports the current status of the Bezzecca #1 well is as follows:

Time of Report:16:00 hours (Rome Italy Time)
Well Depth:TVD1 1554 m
Current Operation:Drilling 8 1/2” phase
Forward Operation:Drilling 8 1/2” phase to 2000m

Participants in the Cascina S. Pietro Permit: 100% Po Valley Energy subsidiary Northsun Italia S.p.A. (Operator)

Notes: 1True Vertical Depth

For further information please contact :
Po Valley Energy Administrative Office, Mr. Michael Masterman (Chief Executive Officer)
Ph: +39 06 4201 4968 Cell: +39 333 1961 061 Fax: +39 4239 1900

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