BNP drilled 3 wells in December 2007. One has been completed as an oil well, one as a gas well and completion operations are ongoing on the remaining well.
Further to the Corporation's Third Quarter press release, BNP has commenced production from 3 oil wells for which production rates are expected to stabilize by the end of the first quarter of 2008. The two previously announced gas well tie-ins have been deferred, pending a further review of the economic impact of the Alberta Government's Royalty Revision Program. In addition, BNP has shifted its focus toward the development of recent light oil discoveries.
A third well at 5-4-3-20-W4M has been spudded at Jensen to further the Corporation's Southern Alberta oil discovery and evaluate deeper targets.
Chief Geologist Greg Anderson has been promoted to Vice-President, Exploration, in recognition of his substantial contribution to BNP's exploration efforts and specifically for his role in the Jensen discovery.
The Corporation advises that its right under an Agreement from November 2006, with a Canadian subsidiary of an independent American company to continue drilling option wells on the remaining 10,240 unearned acres expired on January 15, 2008. As of January 29, 2008, the Corporation retains 23,218 gross acres and 10,751 net acres.
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