Bowood: Operations Underway in Alberta Bakken Play

Bowood provided an operational and Alberta Bakken update.

OPERATIONAL UPDATE

Bowood drilled two (net 2) wells in December 2011 targeting Mannville oil and gas in the Enchant and Majorville areas of southern Alberta. Both wells were cased and completion operations are underway on the wells.

In the Armada area of southern Alberta, Bowood equipped and tied-in four (net 2.55) wells which had been completed earlier in the fourth quarter of 2010. The wells, three oil and one gas producer, were brought on production in the first week of January and increased Bowood's production to approximately 600 boe/d with a 15/85 % oil/gas split.

Bowood plans to drill another two oil wells at Armada in the first quarter of 2011 to follow up on the drilling success in the area from 2010.

ALBERTA BAKKEN

In the southern Alberta Bakken oil play, surface acquisition and licensing is underway on the first two horizontal wells to be drilled by Bowood and its partner. The first planned well is located in township 3 range 23 W4 and the second, on the Blood Reserve in township 8 range 23 W4, offsetting an existing vertical well which has produced over 240,000 barrels of oil to date. These wells are anticipated to be drilled in Q1 2011.

Since April 2010, industry has invested $180 million on Crown land in the southern Alberta Bakken play. To date, there are a total of 43 wells licensed or drilled into the fairway, 20 in Alberta, and 23 in Montana. Of the 20 wells licensed in Alberta, 13 have been drilled.

Bowood currently holds a total of 156 sections (~100,000 net acres) of petroleum and natural gas rights which are on trend and highly prospective within this emerging oil resource play.

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