Bow Valley Drills Duster in North Sea

Bow Valley Energy reports the results of the 20/7b-5 exploration well that tested the Joppa prospect on License P.1047 in the U.K. sector of the North Sea. Bow Valley participated as to its 25% working interest in the drilling of the exploration well through its wholly owned subsidiary, Bow Valley Petroleum (UK) Limited. The well has been drilled to a total measured depth of 10,074 feet (true vertical depth of 9,988 feet) and evaluated the Jurassic sedimentary section. The well was drilled by Diamond Offshore's semisub, Ocean Princess. The well will be plugged and abandoned as non-commercial. Specific details regarding the well will remain confidential for competitive reasons within the area.

Bow Valley and its partners in the 20/7b-5 well will acquire a proprietary 3-D seismic survey commencing in approximately 30 days to further evaluate the Joppa prospect and delineate other leads that have been previously identified on the Blocks within the License area. The planned seismic survey is approximately 430 square kilometers.

Mr. R.G. Moffat, President and Chief Executive Officer, stated, "Although disappointed with the results of the Joppa well, the Company remains encouraged and optimistic about the exploration prospectivity within Blocks 20/7b, 20/8 and 20/3c. Bow Valley owns a 25% interest in these exploration blocks and the Company is committed to continuing the exploration effort with a 3-D seismic program. Future drilling will be dependent on the results of the seismic program and further analysis of the 20/7b-5 exploration well."