With regard to the Company's existing prospect portfolio the Company is scheduled to drill a 100% working interest well in the Whitemud region of Alberta for gas potential and a re-entry completion of a well on lands in the Meekwap field, Alberta during November, 2005.
The Company is pleased to report that it has entered into an agreement with Cosacol Petroleum and Gas SA ("Cosacol") which agreement establishes a strategic alliance relationship for accessing and developing oil and gas projects in Colombia. Cosacol is a prominent hydrocarbon services/support group with offices in Bogota, Colombia / Houston, Texas / London, England and in Venezuela. The initial term of the Agreement is for thirty six (36) months and the Company will be deemed to be the operator of all projects acquired pursuant to the alliance agreement terms.
The Company also expects to receive from Schlumberger Oilfield Services their report on the upper carbonate zones of the Toot oil field Pakistan in November, 2005. Schlumberger's study forms part of the Company's Stage 1 review of the upper carbonate zones of the Toot oil field located in the Potwar region, Punjab province, Pakistan under the terms and conditions of the Company's January, 2005 Memorandum of Agreement with Oil and Gas Development Company Ltd. ("OGDCL") the national oil company of Pakistan. Schlumberger were engaged to primarily assess and report on the following; (i) geophysical, geological and petrophysical review and verification of the reservoir zones; (ii) fracture analysis and identification of fracture interconnectivity and (iii) estimation of the reservoir parameters.
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