BlackRock Makes Significant Discoveries at Seal Prospect

BlackRock Ventures reports the results of its successful winter drilling program at Seal, in northern Alberta. The first quarter drilling program included the initial development drilling on the Central Block and evaluation drilling and testing on four additional blocks of land BlackRock holds in the area.

Highlights of the program include:

• Central Block - Commenced the drilling of an 80 well development program - 27 wells planned for 2003. Initial production rates in excess of 250 barrels per day per well.
• Northern Block - Drilled a horizontal well following a successful vertical evaluation well last summer. The well is producing 200 barrels per day. Potential for 20-30 locations.
• Peace River Block - Drilled a vertical evaluation well, followed up with a horizontal well. Well capable of producing over 200 barrels per day. Potential of the block is comparable in size to the Central block.
• Peace River North Block - Drilled two vertical evaluation wells, one of which encountered mobile heavy oil. Will drill a horizontal well next year.
• Western Block - Drilled two vertical evaluation wells with encouraging results. Will follow-up with additional evaluation wells next year.

Tim Kozmyk, Vice President, Exploration for BlackRock commenting on the results indicated that "We are very pleased with the drilling results achieved this winter. Encouraging results were obtained on all four exploration blocks. In particular, we are excited about the successful horizontal wells on the Peace River block and the Northern block, both of which have significant development potential. The vertical delineation well program on the Central block confirmed the potential for up to 80 horizontal wells, and the horizontal development program is proceeding as anticipated."