Dixon Begins Drilling Operations on Joarcam Prospect

Dixon Oil and Gas has the spud of the "4-27" well, the first well to be drilled at the Joarcam Property. The 3,200 foot "4-27" well, with success is expected to be cased, tested and completed within 10 days.

The well location chosen by Dixon is an offset from a Viking well that has yielded 156,000 barrels of light crude to date. Dixon will acquire a 49% working interest in the Joarcam Prospect from 1048316 Alberta Ltd., a private company by the drilling and completion of the first two wells. The operator of the project expects to provide details of the "4-27" well within 5 days of spud. The Company has reviewed all current well data in the area and good quality 2D seismic that shows the chance of success of the two well locations to be high.

The Joarcam property is located in central Alberta and is characterized by a conventional, light oil bearing zone in Viking sands at a depth of 3,000 feet. The property is adjacent to a mature oil producing field where there is excellent well control on a large sand bar that shows 20 feet of pay thickness. Recoverable reserves per well are estimated at 100,000 barrels.
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