Sefton Resources Inc
12 October 2007


Sefton Resources Inc
Press Release

Rig and Steaming Update

Sefton Resources Inc announces that preparation works for the steam pilot and
addition wells to be brought into the system are progressing well. The delivery
of the drill rig, however, is likely to be delay for at least another week.

The gas supply lines, separator and metering hook-up work has now been completed
and will be tied into the steam generator unit in the coming week. This work is
on schedule including changing the wellhead valves, the delivery of a low-boy
trailer, pipeline tie-ins and the installation of new flowline and gas recovery
lines as well as the finalising work needed for an Air Board operating permit.

The reason for the delay with the drill rig, expected in September, is that it
has still to complete its present work with another contractor. Sefton is next
in line, but the rig is now unlikely to be available until the week of October
15. Chief Executive, Jim Ellerton commented 'it is unfortunate but the nature of
these deals is that you only get the rig when it has completed its previous
work. We are next in line, but the current contractor has encountered problems
which means that it has still to complete its present work. We can only give a
best estimate of the date when the rig will come available, continue to be
patient and do everything in our power to be properly prepared for its arrival.
It is frustrating, but we will let shareholders know when we have a firm date'.

For further information, contact:

John James (Jim) Ellerton, CEO Tel: 00 1 303 759 2700

Thanks for the update Big Jim.

Hope you are giving whatever company is messing around with the rig and us, the appropriate ire.

Progress report on website:

http://www.seftonresources.com/assets/progressreport1007.asp

SECRUOSER
Good report all going well.
http://www.seftonresources.com/assets/progressreport1007.asp

Good to see Harry Barnum giving his assessment of the rig situation at the bottom of the update. He comes across a lot better than Jim Ellerton.

I'm sure Jim is an excellent oil man when it comes to operations but he should not be allowed to communicate in the written word imo!

That's more like it up 10.5%

And a bit more!

A new section of flowline was installed for the Hartje #12 well. The old piping, which was buried in the Hartje Yard as very shallow depth had numerous holes with repair clamps.

I do like this bit:
"It would not withstand the traffic associated with the upcoming drilling program (nor heat future steaming plans). "

Looks like lot's of oil will be flowing soon, can't wait

Morning all! The progress report was released on the 5th October, therefore going by this comment "The gas supply lines, separator and metering hook-up was completed this week and will be tied into the steam generator unit in the coming week" I guess it's fair to say today, on the 17th, this little job has been completed! So, providing the AQMD Air Emissions Source Test has been completed too, she should be ready to steam!

Hopefully, Mine Man, although it's probably fair to assume there may be a short period of testing, safety checking etc once everything is connected up, before the steaming begins proper.

Well, I presume they can test prior to the Air Quality certificate is issued and they've had two weeks with nothing other to do than concentrate on that, seeing as they haven't had to mess about with the drilling rig lol! Total focus on the steamer! Next RNS should either be that the rig is on site and the steamer is steaming, or at least one of them!!!!

Yep. Problem with SER releases (RNS and website) is that sometimes you aren't too sure when certain parts of it were written. Was the comment in the last RNS (12/10) about 'not until week commencing 15/10' and 'at least one week away' written on the 5/10 for example? Quite possibly, and would explain the discrepency between those two comments.
If that is the case the rig could be arriving this week... (but not holding my breath!)

Best not or we'll be burying you lol! It's amazing that we have all been here over two years, all with bated breath and for what? A complete change around within the company with regards to management, a very agreeable and larger than expected finance package, the long awaited steam equipment, wells to be drilled and a share price lower than the very low price we bought in at lol!

As JE said, long term investors will be rewarded? Well, I am a long term investor and I am calling in my reward!!!!

Hardman report out!

Having just returned from a site visit to both Tapia and Eureka Fields we have been
impressed by both the amount of preparation work undertaken and the standard
of the new facilities put in place. Investors must take on board that this preparation work is essential to enable further effective development at Tapia, both to handle the anticipated fluid production volumes and to handle water
disposal effectively. We understand that Sefton remain 'next in line' for the drilling rig which yes, is frustrating all round but we expect delivery of the rig and steaming to both start in days rather than weeks. In the meantime, we continue to
review the engineering data and will publish new financial models once drilling
has commenced.

At least they have been out there and seen for themselves whats going on rather than writing reports on hearsay!!!

Santa is on his way?! Could do with an early Xmas pressie!!!

I doubt they went to all the trouble of a site visit just to write those few sentences. More likely doing research for a new report on Sefton imo.

Same feeling here SECRUOSER.

Oil prices extended a record rally toward $90 a barrel today as weakness in the dollar, tight fuel inventories and geopolitical concerns drew a wave of investor buying.

Even with a price so unbelievably high, Sefton Resources still managed to close down!

Oil's climb of about 13 percent since last week has renewed concerns that soaring energy costs could hinder world economic growth and raised a red flag for OPEC, which may call an early formal meeting to discuss output.

U.S. crude oil futures settled up $2.07 to $89.47 a barrel, before rising further to $89.78 in electronic activity, marking its fifth record in as many trading days. London Brent crude rose $1.47 to $84.60.

"This is a market that is watching the dollar weakness very closely and as long as the dollar remains weak and stockpiles at the market's delivery point in Oklahoma remain low, this market will keep heading north," said Jim Ritterbusch, president of Ritterbusch and Associates.

Though U.S. oil prices hit a nominal peak, they remain below the inflation-adjusted monthly average high of $101.70 hit in April 1980, a year after the Iranian revolution.

Dealers said Thursday's gains were tied to all-time weakness in the U.S. dollar -- a factor that has supported all dollar-denominated commodities -- alongside tight energy inventories and robust world demand.

The dollar fell to a record low against a basket of currencies on Thursday, weighed down by soft U.S. economic data and sluggish corporate earnings. U.S. oil inventories, meanwhile, are running about 4 percent below a year ago, while gasoline and distillate stocks in the world's biggest energy consumer are about 7 percent below last year, according to the latest government data.

Stockpiles of crude at Cushing, Oklahoma, the delivery point for oil traded on the New York Mercantile Exchange, are running 19 percent below last year.

The risk of Turkish military action against Kurdish rebels in northern Iraq was also underpinning oil's gains, dealers said, dimming the prospects of a recovery of Iraqi oil exports from the region and raising the spectre that other supplies from the Middle East could also be disrupted.

FUND BUYING

The factors, coming against the backdrop of continued strong energy demand growth from China and other emerging economies, have attracted the interest of funds seeking alternatives to markets battered by the global credit crunch.

"New money is not going into bonds and is looking for other alternative investments," said Michael Metz, chief investment strategist at Oppenheimer. "(Investors) want participation in areas that are sort of immune to the currency and interest rates problems and commodities is one of them."

The administration of President George W. Bush has said oil prices are too high and pose a problem for low-income families. The U.S. economy is already facing head winds from the meltdown in the subprime mortgage market.

Thursday's gains were tempered by the possibility that the Organization of Petroleum Exporting Countries could boost crude oil output to cool the red hot market.

Nigeria's energy minister told Reuters on Wednesday that the group, which has already agreed to hike output by 500,000 barrels per day starting in November, could call another formal meeting nearly three weeks ahead of schedule.

But on Thursday an Iranian official insisted there was no need for OPEC to boost production further.

"Geopolitics is the reason behind very high oil prices," said the official from OPEC's No. 2 producer.

The rally in oil and other commodities has accelerated this month as central banks pumped money into financial markets to keep them operating smoothly through a global credit squeeze.

Morning all! Well, Hardman have seen for themselves first hand whats going on over there at Sefton Resources and the way I read it, we're a little short on appreciation of the work they have been doing, the work they needed to have done and the work they have completed! I guess when when the news machine starts churning, there will be quite a bit to tell! About time this started making it's way back up to 6p now ready for some serious forward momentum. God knows we've been waiting long enough for Jim's reward!