BNP Completes Five Wells

BNP has completed five exploratory wells, three of which have production tested as oil and two as gas. One of the oil wells penetrated a significant oil column.

However, BNP is not in a position to assess its true potential until the well is on production and a reserve report is completed by an independent reservoir engineering firm.

The corporation initiated equipping and tie-in of these five wells, with an anticipated production start date of December 1, 2007. Actual initial production levels will be determined once all the wells have been equipped and tied in and are on production.

BNP recently drilled a well in Southeast Saskatchewan, which has been cased and is in the process of being completed.

BNP's 2007 exploratory drilling program is now up to 11 wells, and the corporation is currently in the process of preparing up to five more wells for drilling by the end of 2007. This will achieve its 2007 flow-through commitment of $10.25 million.

"We are very pleased with the results of these last five wells," said Gregory Bilcox, president and CEO. "BNP intends to follow up on several light oil discoveries with a substantial oil well development-drilling program in 2008."