Leed Petroleum provides an operational and financial update.

Highlights • Eugene Island A-7 successfully recompleted to a shallower horizon and producing at a gross rate of 802 boepd (501 boepd net) • Production from Ship Shoal 201 A-6 well has been marginally higher since coming on line on 6 May 2010 at a current gross rate of 1,642 boepd (1,317 boepd net) • The Company's total net attributable production currently averages 2,065 boepd (63% gas) • Semi-annual borrowing base re-determination process concluded

Production Update The Company reports that the Eugene Island 183 A-7 well has been successfully recompleted to a shallower horizon and is currently producing at a gross rate of 802 boepd (501 boepd net) (33% gas). Additionally, the Ship Shoal 201 A-6 well continues to produce consistently at a gross rate of 1,642 boepd (1,317 boepd net) (79% gas) since being placed on production on 6 May 2010.

Financial Update As previously announced, the Company has a credit facility with its bank, UniCredit Bank AG ('UniCredit'), comprised of two tranches totalling US$34.75 million, namely a revolving credit line fully utilised at US$30 million (subject to semi annual re-determination) and a term loan of US$4.75 million.

As part of the semi-annual re-determination of the revolving facility, which takes into account the 1Q 2010 dip in well performance, the Company will repay US$5.0 million of the revolving credit line leaving the remainder of the available US$25 million line fully utilised. The Company will also make a scheduled payment of US$250,000 on the term loan, resulting in an outstanding balance of US$4.5 million.

As at 30 April 2010, the Company had cash and cash equivalents of approximately US$19.9 million. Leed anticipates that the Company's available cash resources will be sufficient to continue to execute its development and exploration plans.

Howard Wilson, President and Chief Executive of Leed Petroleum PLC, commented, 'The Company's total estimated net attributable production has more than doubled from 958 boepd for the period ended 31 March 2010 to average 2,065 boepd since concluding remedial production enhancements to legacy gas lift wells along with the recompletion of the A-7 well in the Eugene Island 183 Field, as well as the commencement of production from the Ship Shoal 201 A-6 well.'

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