Wiser Oil Makes Canadian Discovery

The Wiser Oil Company has made a significant new discovery well located within the Wild River area in northwestern Alberta, Canada. The well, a Devonian test, encountered 180 feet of gross fractured carbonate porosity and has been tested at rates of up to 14.0 MMcf per day. Due to the presence of a small amount of hydrogen sulfide in the gas stream, the maximum rate and length of the production test were restricted by governmental rules. First sales are expected before the end of the year. Wiser owns a 50% WI in the well and is the operator of the prospect area encompassing over 23,000 gross acres.

Wiser Chairman and CEO, George K. Hickox, Jr. said: "The Company is very excited about this discovery. This well is additional confirmation of the potential of the prospect area and is a continuation of our ongoing exploration and development program here. Depending on the performance of the well, additional locations to further develop the zone have been identified and may be drilled beginning in the first half of 2004."