HEYCO Maroc, a Moroccan subsidiary of HEYCO International, Inc., has completed all committed work for the first period of the contract and is in discussions with ONHYM, the state oil company of Morocco, about the continuation of the permits.  A well drilled late in 2006 to test the Rif thrust zone was a dry hole and the company is further evaluating the potential of the thrusted section.  In addition, the company is working with the Moroccan authorities to allow an economic development of the identified low-risk gas prospects identified in the block.

SPAIN	UNITED KINGDOM	MOROCCO
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The company's UK subsidiary, YCI Resources Limited, has been qualified by the Department of Trade and Industry as an onshore license holder.  The company also participated in five other exploration wells in the Southern United Kingdom onshore, and currently has non-operated ownership interests in three onshore UK licenses in the Weald Basin . YCI Resources Limited is a working interest holder in the Avington discovery in the UK announced in October, 2003.

HEYCO International, Inc., through another European subsidiary, is currently involved in G&G work in Northern Spain in a project operated by Sociedad de Hidrocarbouros de Euskadi, SA (the Basque national oil company). 

HEYCO Maroc, a Moroccan subsidiary of HEYCO International, Inc., is the operator of the Moroccan permits.  A 330 km 2-D seismic program was completed in 2005 and the company plans to drill prior to the end of 2006. 

 HEYCO International, Inc. currently holds 1,188,000 gross and 344,000 net acres in the UK , Spain and Morocco .