Whittier Energy Acquires Interest in Bonnie View Field

Refugio County, Texas
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Whittier Energy plans to drill the Schirmer 1-19, a new development gas well in the Bonnie View Field, located in Refugio County, Texas, targeting Frio sands at 5,400' and 5,600'. The Company has staked the surface location and expects to spud the well in May 2004. The Company's independent reserve report for 2003 attributed approximately 342 Mmcf of proved undeveloped reserves to the Company's net interest in the well. In March 2004, Whittier acquired an additional 5% interest in the Bonnie View Field for approximately $95,000, increasing its working interest ownership to 71.38% (58.53% net revenue interest). The Bonnie View Field is currently producing 95 Bopd and 350 Mcfd from 3 wells, with net production of approximately 55 Bopd and 205 Mcfd.

Other Drilling Activities
In May 2004, Whittier plans to re-enter and sidetrack the Cavenham Forest 5-1 well in the Beaver Dam Creek Field, in an attempt to establish production from an untested fault block located southwest of the field. Whittier will act as operator, retaining an approximate 19% working interest in the well.

The Company also has non-operating working interests in various ongoing exploration and developmental drilling projects, including minor working interests (1% or less) in 4 deep gas wells (approximately 18,000') being drilled in the Greater Mayfield Area in Oklahoma, and a 10% working interest in a re-entry of a 10,900' gas well, targeting the Wilcox formation, in the Mont Field in Lavaca County, Texas. An additional 2 development wells being drilled in the Greater Mayfield Area as of year-end 2003 were successfully completed during the quarter ended March 31, 2004.

Bryce Rhodes, the Company's president and CEO, said, "Whittier's increased ownership and development of the resource potential in Bonnie View, combined with our various investments in operated and non-operated exploration and exploitation projects are representative of our portfolio investment approach to growing the Company's production and revenues while also managing risk."

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