Bulldog Drilling Success Continues

Bulldog says that during the first six months of 2004, the company initiated its first drilling and re-entry operations on the Helmsman properties in Southeast Saskatchewan, Canada. These initial efforts were delayed by spring break-up and heavy rains.

At Weir Hill, a 68% working interest horizontal oil well was drilled, completed and flow lined to our battery. The well is producing at initial rates exceeding our expectations. We re-entered a 100% working interest oil well and isolated zones with packers which increased production volumes. We are planning a new 100% working interest re-entry horizontal leg on this property in 2004. Our facility up-grades have increased the fluid handling capability through the installation of a larger salt water disposal pump and the conversion of an existing well bore to a second salt water disposal well. Increased production and improved fluid handling will result in reduced operating costs and increased cash flows.

At Wauchope (working interest 90%), we drilled a vertical stratigraphic well which was logged and cored. The well confirmed the oil bearing zone has excellent porosity of approximately 30%. Two horizontal legs were drilled from the vertical location with both legs intersected significant pay sections. We are currently evaluating the well. A second horizontal well is currently drilling. Two additional horizontal wells have been surveyed, with a further two horizontal locations being finalized. We have improved the fluid handling capability at Wauchope with battery up-grades, flow lines and converting an existing well bore to a second salt water disposal well.

After the second Wauchope well has been drilled, our rig will move to Manor to drill a 100% working interest well. A second Manor well has been surveyed. A 5.5 square kilometer 3-D seismic program has been permitted and will be shot as soon as ground conditions allow.

Bulldog's drilling success in the Wordsworth area continued with our seventh successful horizontal well. A jack and production facilities have been installed at Wordsworth North (working interest 12.5%) and the well is currently being tested. We are currently constructing a tie-in for solution gas at the Wordsworth battery.

A horizontal non-operated well was successful at the Willmar property (working interest 8.5%). This well has been flow lined and is on production.

To-date in 2004, Bulldog has drilled six wells and re-entered one well resulting in seven oil wells (100% success rate). Six of the wells were operated by Bulldog. We are currently evaluating one horizontal well and drilling one horizontal well at Wauchope. Approximately 14 wells remain to be drilled or re-entered in our 2004 program.

Bulldog's current production is approximately 1,300 boe/day, consisting of 1,130 bbls/day of light oil and natural gas liquids and 1,000 mcf/day of natural gas.

On the corporate front, the 12,200,000 Class A shares issued February 20, 2004 to finance the Helmsman acquisition became freely tradable as of June 21, 2004. All of Bulldog's 30,401,730 Class A shares are now free trading. Average daily trading volumes in the month of June have more than tripled to 220,000 shares per day from the 65,000 shares per day average through the first five months of 2004.This has resulted in improved liquidity and wider distribution of our shares.

Bulldog expects to report its second quarter results on August 12th. These results will reflect significantly higher production volumes and cash flows from those reported in the first quarter.

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