Weatherford Awarded Contract with Imperial Oil Resources

Weatherford International has been awarded a contract with Imperial Oil Resources for the supply of its Ampscot Pumping Units and accessories for their Cold Lake project in Northeast Alberta, Canada. The contract took effect June 30, 2003 with an estimated value of US $36 million over a 10-year term.

Weatherford Ampscot's 15-year relationship with Imperial Oil at Cold Lake includes more than 1,200 pumping units being put into service during that time.

Imperial's Cold Lake project consists of over 3,500 producing wells with an average daily production of 140,000 barrels per day of heavy crude from the Clearwater Sand Reservoir. Cyclic steam stimulation will be used on this project to mobilize the bitumen and enhance the recovery process. Multiple wells are directionally drilled from a single producing pad to various locations with up to 2,400 feet of reach, reducing the environmental impact and centralizing production equipment.