Energy Ventures has invested $19 million as the financier behind NovaDrill, a new company that will commercialize state-of-the-art drilling technologies.

Provo, Utah-based Novatek International Inc. will partner with Energy Ventures in the new enterprise, contributing proprietary advanced technologies related to various downhole drilling and logging tools. Novatek has been a leader in industrial diamonds and polycrystalline-diamond compact cutter designs, and developed the IntelliServe system for downhole telemetry.

"NovaDrill's advanced drilling technologies will create substantial value for customers through improved design and performance," said Ole Melberg, Managing Partner of Energy Ventures. "We are excited about backing such pioneering technologies, as well as the highly capable NovaDrill team."

"Energy Ventures is one of the world's leading venture capital firms in the oil and gas sector," said David Hall, CEO of Novatek, who will assume the role of CEO of NovaDrill. "Novatek is very pleased to work with Energy Ventures in founding NovaDrill, and believes that Energy Ventures' experience in this sector will help grow our business and create substantial value for the industry."

For further information, please contact:

Anoop Poddar, Investment Manager, +44 1224 628 280.
Bob Schwartz, Vice President/Senior Advisor Energy Ventures (US), Inc, +1 281 768 6723.

David Hall, CEO/President, +1 801 374 6222.

Or visit the web site
Novatek International Inc.: www.novatek.com