Highpine O&G Reports 2 Nisku Oil Discoveries at Pembina

Pembina Area
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Highpine Oil & Gas has reported that a recent discovery in the Berrymoor area at 9-5-50-6 W5M (9-5) encountered 26 meters of Nisku hydrocarbon pay based on openhole logs. Highpine has a 25% working interest in the 9-5 well.

Highpine recently tested its first Nisku oil discovery in the Tomahawk area at 9-21-50-6 W5M (9-21), which completed drilling in mid-December 2008. The 100% working interest 9-21 well encountered a porous Nisku reef with a 9 meter oil column. The 9-21 well has been tested at rates up to 1,200 bbl/d (192 m3/d) of clean oil with a gas-oil-ratio (GOR) of 510 scf/bbl (90 m3/m3) and a flowing pressure of 740 psi (5 125 kpa). The oil has an API gravity of 43, and the solution gas has an H(2)S concentration of 11%.

A number of follow up locations are licensed and Highpine has three rigs currently drilling in the Pembina area.

Drilling Update

Including the 9-21 Nisku oil well, Highpine drilled 16 (13.6 net) wells during the fourth quarter of 2008, resulting in three (2.6 net) oil wells, ten (8 net) wells that have been or will be completed for gas, and three (3 net) dry holes.

During the fourth quarter, 100% drilling success continued at Pembina/Brazeau and Ansell. The Company drilled four (4 net) Rock Creek gas wells at Pembina/Brazeau and five (3 net) multi-zone gas wells at Ansell. Highpine's first Pembina/Brazeau horizontal Rock Creek gas well is on production at approximately 200 boe/d and four (1.9 net) wells at Ansell are on production at approximately 450 boe/d net.

In late 2008, Highpine received approval from the Alberta Energy Resources Conservation Board ("ERCB") for the drilling of three additional wells in the Tomahawk area of Alberta. The Company participated in two ERCB hearings during 2008 for the drilling of Nisku wells in the Tomahawk area, and was successful in receiving ERCB approval for ten wells in total. The Company intends to execute an active 2009 Nisku drilling program in this area.


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