Northern Hemisphere Spuds Goose Creek Well

Northern Hemisphere Development Corp. reports that the Goose Creek (Kaybob) test well at 15 - 30 - 66 - 19 W5M in Canada has spudded. The Company is paying 7.5% of the drilling and completion costs to earn a 7.5% working interest before payout and a 4.5% working interest after payout, subject to a proportionate share of a GOR of 1/23.85 (5-15%) on oil and 15% on gas and Crown Royalties. The well will test the Notikewin zone for gas and the Triassic (Debolt) zone for oil.

Estimated potential gas reserves at the Notikewin zone are over 24 BCF (billion cubic feet) and at the Triassic (Debolt), the potential is three million barrels of light sweet crude oil. Both zones have been identified by 2-D seismic. The closest off-setting Notikewin well is two miles to the south in LSD 6 - 18 - 66 - 19 W5. This well was drilled in February 1989. Initial production rates of 7.9 mmcf/d (million cubic feet per day) were recorded and cumulative production now exceeds 6 BCF. The test well is currently beyond 300 meters (approx 1,000 feet) depth and has a projected total depth of 1,800 meters (5,900 feet).


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