Bow Valley Spuds Second Alaska Exploration Well

Bow Valley Energy Ltd. said that the second well of its exploration program on the North Slope of Alaska commenced drilling operations on March 16, 2007. Co-venturers in the well are Alaska Venture Capital Group LLC and its wholly owned subsidiary, Brooks Range Petroleum Corporation (Operator), TG World Energy Inc. and Ramshorn Investments Inc.

The Sak River No. 1 well was spud using Nabors Alaska drilling rig No. 27E. The well should take approximately 22 days to drill and will test Kuparuk and Ivishak exploration potential that has been identified using 3-D seismic data within the Gwydyr Bay area. Bow Valley will be paying 28.57 percent of the drilling costs to earn a 20 percent interest in this prospect.

Drilling operations are continuing on the North Shore No. 1 well, previously announced by Bow Valley on February 8, 2007, and being drilled by Nabors Alaska rig No. 16E.

R.G. Moffat, President and CEO of Bow Valley said: "We continue to be excited about the opportunities for exploration success on the North Slope. Contracting a second rig gives us the confidence that we will complete our planned program before the end of the winter drilling season."

Bow Valley Energy Ltd. is an oil and natural gas exploration, development and production company with operations in western Canada, Alaska and the U.K. sector of the North Sea.

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