Bow Valley Alaskan Well Tests at 'Stable Rate'

Bow Valley Energy reported that the North Shore No.1 well was re-entered by the Operator on January 10, 2008. The bottom of the original well was re-drilled in a sidetrack to 13,361 feet total depth ("TD"), to a location 153 feet offset from the original bottom-hole location, and a 4.5-in. production liner was set to TD. The Ivishak and Sag River formations were perforated before releasing the rig on February 6, 2008.

The Ivishak Formation was subsequently tested using a Coiled Tubing Unit. The 22 foot perforated zone near the top of the formation flowed for 5 hours at a stable rate of 2,092 barrels of oil per day ("bopd") of 34 degree API oil. The North Shore No.1 well is located 1,100 feet to the west of, and is interpreted to be in the same Ivishak oil pool as, the Gwydyr Bay South No.1 well, which reportedly flowed at a rate of 2,263 bopd on a production test conducted in 1974. For mechanical reasons, the Sag River formation has not been completed.

R. G. Moffat, President and CEO of Bow Valley stated: "We are encouraged by the successful test of the Ivishak formation in the Northshore No.1 well. Further upside is identified in the potential of the untested Sag River formation and prospectivity identified in two similar, seismically defined, structures in close proximity to the Northshore pool. A follow-up success in either the Sag River test or in an offset drilling location will help determine the commerciality of this prospect area."


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