SBX Vessel update

British Virgin Islands/Dubai: SeaBird Exploration Limited (BVI)
(`SeaBird`or `SBX`) has received the necessary ministry approvals to complete the acquisition of the M/V Osprey Explorer from Ukrainian State Enterprise `MARS`. The vessel was under a 12 month Bare Boat contract with a purchase option. Transfer of title to SeaBird expected to be in 2006 and subsequently the vessel will be fully reflected in the balance sheet assets of SeaBird. The vessel is currently under conversion at Nauta Shipyard in Poland and will enter a 6 month contract with Veritas DGC upon completion in mid August 2006.