Redcliffe Spuds an Even Dozen, Nets 8 Gas, 2 Oil and 2 Dry Holes

Peace River Oil Sands
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Redcliffe Exploration previously announced the initiation of its fall drilling program, pursuant to which the Company expected to drill 11-13 wells. A total of 12 (5.23 net) wells were spud between mid October and year-end, of which 5 (1.86 net) were drilled in the Peace River Arch and 7 (3.37 net) in the general Pembina area of central Alberta. All net well calculations are based upon revenue interests unless the well was plugged and abandoned. In addition, Redcliffe undertook the re-completion of 4 (3.07 net) wells in the Pembina area. Redcliffe operated 69% of this activity. Results from the drilling program and associated completion operations to date have yielded 8 gas wells (3.47 net), 2 oil wells (1.22 net) and 2 dry holes (0.54 net) for an overall success rate of 83%. Some of these wells, however, are not fully tested at this time. On the re-completion program the Company was 100% successful with 3 gas wells (2.57 net) and 1 oil well (0.50 net).

In the Gold Creek/Wapiti area located on the southern flank of the Peace River Arch, Redcliffe participated in the drilling of 5 wells resulting in 3 (1.00 net) potential gas wells, 1 (0.72 net) potential oil well and 1 (0.14 net) dry hole. The 3 potential gas wells were 13-24 (WI 30%) at Gold Creek, 4-14 (WI 25%) at Elmworth and a non-operated well (WI 45%) in the Gold Creek area. The non-operated well at Gold Creek has been completed and tested. This well tested over 4,000 mcfpd from two zones and is anticipated to be placed on production in early February. The well was drilled at no cost to Redcliffe and 2-3 potential offsets are proposed for 2008. The potential oil well at 7-3 is scheduled to be completed and tested by Redcliffe during the first half of February. The operator is currently completing the 13-24 gas well in three zones. The non-operated 4-14 potential gas well is expected to be completed and tested in February.

In the Pembina area Redcliffe operated 6 of the 7 wells drilled during this period. The non-operated 10-12 well (WI 50%) was drilled, completed and tested at rates of 1,500 mcfpd. This well will be placed on production in February. Of the 6 operated wells, 4 (1.97 net) were cased as potential gas wells, 1 (0.50 net) as a potential oil well and 1 (0.40 net) was plugged and abandoned. All of these wells are currently being completed and tested.

On the re-completion front Redcliffe enjoyed very good success. In the Pembina area, four wells (3.07 net) were acquired in 2007 through various transactions. New zones were completed and tested in each of these wells. The 3 gas wells 16-21 (WI 100%), 7-1 (WI 100%) and 10-14 (WI 56.7%) were placed on production in January at a combined rate of 2,500 mcfpd plus liquids. The 9-27 oil well (WI 50%) has also been recently placed on production at approximately 30 bopd.


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