Bow Valley's '08 Production Increased by 300 BOE/D from Previous Guidance

Bow Valley's fourth quarter 2008 production averaged approximately 4,800 boe/d representing a 300 boe/d increase above previous guidance. The year-end exit production capacity was running at approximately 5,400 boe/d. Sales volumes, which differ from production volumes due to the timing of tanker liftings, averaged approximately 5,200 boe/d during the fourth quarter 2008.

Production from the Chestnut field has continued to exceed expectations since the field commenced production in September 2008. A second production well was recently drilled in the fourth quarter and scheduled work is underway to tie this well into the Sevan FPSO production facilities. This well should add approximately 7,500 gross (1,135 net) barrels of production per day by mid-February.

Development of the Ettrick field is also nearing completion. The Bluewater FPSO, "Aoka Mizu" is undergoing final preparations in Rotterdam before being transported to location on the Ettrick field in approximately 10 days. First oil production from the Ettrick field development is currently scheduled for early March 2009. The Ettrick field is forecast to add approximately 20,000 gross (2,400 net) barrels of production per day when stabilized production rates are achieved.


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