Contact Exploration Began Workover Program at Stoney Creek Field

Contact Exploration has commenced a 14-well workover program in the Stoney Creek Field. The service rig has commenced operations on the 14 existing candidate wells in the 100% working interest Stoney Creek Field.

The workover program will include re-entering up to 14 wells with a service rig and swab testing for oil inflow. If necessary, fill or debris that has accumulated in the wellbore will also need to be cleaned out by the service rig. The workover program will also include logging of the wells for petrophysical analysis and perforating any uphole zones, which may contain bypassed gas pay. The entire workover process in Stoney Creek is expected to take approximately 2-3 months to complete.

Most of the 14 candidate wells were drilled and completed in the early development of the Stoney Creek Field, using technology that is at least 50 years old. As a result, there are typically no wireline logs of the wellbores and very minimal geological data. Our intention in the workover program is to evaluate the candidate wells, prepare the wellbores for production if there is evidence of inflow, further exploit the reservoir by perforating non-produced zones if identified, and install pumping facilities for permanent production on the successful wells.

The Stoney Creek Field contains estimated proved and probable reserves of 1,207,000 barrels of oil and 6.525 billion cubic feet of natural gas. As stated in the June 29, 2007 Reserve Report by Martin & Brusset Associates in adherence with National Instrument 51-101 of the Canadian Securities Administrators, these ultimate estimated reserves, when discounted at 10%, give a net present value for the Stoney Creek Field of $31,242,000. This estimate is based on a constant pricing model with a $70.23/bbl oil price and a $7.15/mmbtu natural gas price. Additional information and details on the reserve report for the Stoney Creek Field can be found in Contact's year-end data filed on SEDAR on July 30, 2007.


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