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 (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 

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, Southeast Saskatchewan

• Assembled a significant land base in southeast with the acquisition of additional properties and crown land parcels.
• Shot extensive 3-D seismic, drilled exploratory wells and successfully identified new light oil pools at Hazelwood, Kennedy and Kenosee
• Most recent discovery at Kenosee (2006) was producing in over 600 boe/d of 33° API light oil from 13 horizontal wells drilled to the end of 2007
• Plan to drill another 16 wells in 2008 and invest approximately $19MM