Contact Exploration Selects Nova Scotia Drilling Site

Contact Exploration and its joint venture partner, Vintage Petroleum Canada Inc., have selected a drilling site approximately 5 kilometers south and east of Antigonish, Nova Scotia and lease preparation has been completed. A tentative mid July spud date is projected based on rig availability. This well is targeting a Windsor oil-bearing reef with secondary Horton gas potential. Projected well depth is approximately 1,500 meters. Contact has a 20% carried interest in the well.

In addition to the drilling Vintage has commenced permitting a 90 kilometer seismic program on three additional exploration blocks where Contact has a carried 25% interest. Shooting of seismic is anticipated to commence in early August.

In another area of Nova Scotia, Contact and its joint venture partner, Oiltec, have selected a drilling site approximately 20 kilometers east of Windsor, Nova Scotia. A tentative mid August spud date is projected based on rig availability. This well is also targeting an onshore Windsor oil bearing reef with a maximum projected depth of 1,500 meters. Contact has a 10% carried interest in the well and will be participating to earn an additional 5.5% interest by paying 9% of the well costs.

Contact has interests in approximately 2.1 million acres onshore Nova Scotia. In addition, Contact has interests in approximately 246,000 acres onshore West Newfoundland. Through joint ventures, Contact plans to drill a minimum of three wells on its East Coast onshore acreage during 2003.

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