On November 6, 2007, True North Energy entered into a pooling agreement with Savant Alaska LLC. Under the agreement, True North Energy and Savant pooled certain leasehold interests, on a net acreage basis, and agreed to jointly drill a test well within the Savant Kupcake Prospect. The test well will be located in Section 29, T11N, R17E and is planned to be drilled to a depth of 11,000 feet in order to test the Kemik formation.
Working interests within the pooled area will be approximately 91.5% Savant and 8.5% True North Energy. Savant will be the operator of the pooled area. Savant has entered into a drilling contract with Kuukpik Drilling LLC for Kuukpik Rig No. 5 and is in the process of permitting the well and preparing appropriate agreements. The drilling operation is scheduled to commence in February 2008.
The Kupcake prospect is located adjacent to the British Petroleum ("BP") Liberty Field, which has estimated recoverable reserves of 130 million barrels. True North Energy has 10,000 leasehold acres adjacent to the Kupcake prospect and is currently in the process of evaluating the acquisition of all available 3D seismic that covers approximately one third of the remaining True North Energy acreage.
True North Energy has engaged the services of Rose and Associates to conduct an independent technical evaluation of the resource potential of True North Energy's Harriet Point prospect. Rose and Associates is a world leading consulting firm that provides unbiased characterization and probabilistic resource potential of the most challenging plays and prospects. In addition to the potential resource estimate, Rose and Associates will reinterpret and re-map the prospect based on True North's 33 miles of seismic data. True North currently has 25,000 leasehold acres in the Cook Inlet area, which it owns 100 percent.
True North Energy anticipates that the work by Rose and Associates will be completed by year end.
True North Energy has also engaged the services of Michael Baker Corporation - Energy Solutions Group. Michael Baker Corporation has provided True North Energy with estimated project timelines and turnkey drilling and associated services costs for a test well on the Harriet Point prospect.
"We are extremely pleased to be able to participate in our first Alaska well with an experienced industry operator like Savant. I believe that experience gained by participating in drilling of the Kupcake well and the work undertaken by Rose and Associates and Michael Baker Corporation will allow us to significantly advance our understanding and development of the Harriet Point prospect," stated John Folnovic, President and CEO of True North Energy Corp.
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