Exploration & Development Activities

Southeast Saskatchewan

Southeast Saskatchewan

  • Initial assets acquired in October 2003 at metrics of $15,400/ boepd & $4.85/ boe of P+P reserves
    • Light oil with attractive royalty regime & strong netback
    • Q1 2008 average netback: $61/boe
  • 3 year average F&D costs of $11.87/boe (including FDC)
  • 2008E Production: 5,500 BOE/d
  • 2008 Capital: C$49MM
  • 49,000 net acres of undeveloped land
  • Major oil pools with dominant position on Tilston & Souris Valley playtrend; opportunity in Bakken
  • Drilled 130+ wells since October 2003 with 97% success
  • Grand acquisition in August 2007 increased ownership of this play
  • Focus is on following up new pool discovery in 2006 (Kenosee), continue drilling in established pools, & expansion to new lands
Kenosee Pool

Kenosee Pool, Southeast Saskatchewan

  • New light oil (32-34° API) pool discovered in 2006 with attractive royalty regime & strong netback ($60+/boe in 2008)
  • Original Oil in Place of ~25mmbbl
  • Pool extention discovered in 2007
  • Initial development on 200m spacing - evaluating 100m infill locations which culd double ultimate oil recovery
  • Consistent, repeatable performance
Chedderville

Chedderville (Sylvan Lake / Markerville area of Central Alberta)

  • Liquids rich, sweet natural gas, shallow gas and high productivity light oil
  • Chedderville area well came on at 3.3 mmcf/d plus 160 bbl/d of liquids (~710 boe/d) in late 2007
  • 3 additional wells tied in late 2008
  • 3 additional wells drilled in Q1 2009, with follow up locations identified
  • The map represents 6 wells on production, with one additional well brought on recently
Lloydminster

Lloydminster (Saskatchewan / Alberta)

  • Ongoing successful horizontal drilling since discovery in 2005
  • Downspacing underway 
  • Original Oil in Place of ~50mmbbl
  • Acquired 50% working interest in 2008 to expand play
  • Assessing pressure maintenance options to enhance recovery