Great Northern Oilsands to Particpate in Rich/Rumsey Well

Great Northern Oilsands Inc. has entered into an Agreement to participate in the drilling of a prolific D3 Reef Test Well in the Rich/Rumsey Area of Central Alberta.

Great Northern will be participating in a 2,020 meter Beaverhill Lake Test Well to earn a working interest in 640 acres where the Test Well will be drilled.

An extensive 7.3 square mile 3D seismic program was shot and interpreted in Q1 2007 that resulted in the identification of several D3 Reef anomalies, the first of which will be tested by the drilling of an upcoming test well. In this regard Great Northern's initial test well is located approximately 3 miles south of the prolific Gulf Rumsey D3 pinnacle well that was discovered in 1982. The famous Gulf Rumsey well produced at an initial rate of more than 3,600 barrels of oil per day and produced over 3 million barrels of oil in the first 30 months of its productive life.

Based on the interpretation of the new seismic data it is anticipated that the test well may encounter vertical reef buildup of in excess of 100 feet and have an aerial extent of between 40 to 80 acres. There is the potential for the targeted reef to have 3+ million contingent barrels of oil equivalent in it. If the test well is successful it is anticipated that initial production rates may be in the magnitude of 500 to 1,000 barrels of oil per day.

Great Northern will keep shareholders apprised of developments with this project as they occur.


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