Since commencing the Phase 2 program in November 2004, the Company has drilled and cased five exploration oil and gas wells at its Fishing Lake and Dewberry properties adding to its two producing wells drilled there in early 2004, and giving the Company a 100% success rate for drilling. Two of the wells successfully encountered heavy oil and three of the wells successfully encountered natural gas. The sixth well of the Phase 2 program, targeting heavy oil and Mannville gas is planned to be drilled later this month depending on rig availability. The company plans to complete and tie-in these well during the first quarter of 2005.
The Company also has purchased an additional 3 sections of oilsands rights and 1 section of P&NG rights at recent land sales. Arrangements are being made to shoot 23 Kms. of Proprietary 2D Seismic at their Fishing Lake Property.
The Fishing Lake property is a large contiguous land base, on or adjacent to several established producing oil and gas pools, including Ft. Pitt, Peck Lake, Bronson Lake, Mudie lake, John lake and Frog lake (total production and proven reserves from these neighboring established pools are in excess of 320 Bcf of gas and 10 million barrels of oil). The geology generally consists of a stacked package of shallow gas and oil targets, including early Cretaceous gas, and several Mannville oil and gas targets.
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