Northwest Alberta.indd - FirstEnergy Capital Corp.

Northwest Alberta 

Package

Northwest Alberta Package 

Package Highlights 

July 2009 production of 9.4 MMcf/d gas and 497 bbl/d oil & NGL’s (W.I. sales) 

• PetroBakken operates over 95% of its production 

Total Proved plus Probable reserves of 27.3 Bcf and 2.4 MMbbl of oil and liquids assigned in Sproule Report 

• 66% of Total Proved reserves are Proved Producing 

• Five PDNP, eight PUD , and seven Probable opportunities for 2.8 MMBOE of P+P reserves 

Substantial unbooked drilling opportunity identifi ed at several properties 

• Over 37 additional horizontal locations at Ante Creek/Sturgeon Lake targeting Montney oil and gas 

• Follow-up development drilling at Cornwall for Kiskatinaw gas and at Grande Prairie for Banff oil 

• Most opportunities are 100% working interest 

• Proprietary 2-D and 3-D seismic data covers the majority of PetroBakken’s core properties 

85% average working interest in 150,932 total acres, 124,852 acres are undeveloped (108,866 net) 

• Large contiguous land position through the Ante Creek/Sturgeon Lake area 

Low operating costs of $9.11/BOE in 2009 

Package 

Northwest Alberta 

T78 

T77 

T76 

T75 

T74 

T73 

T72 

T71 

T70 

T69 

T68 

T67 

T66 

T65 

T64 

T63 

T62 

T61 

T60 

R11 

R11 

R10 

R10 

R9 

R9 

R8 

PROGRESS 

NARRAWAY 

R8 

R7 

PetroBakken Land 

R7 

R6 

R6 

R5 

GRANDE 

PRAIRIE 

GOLD 

CREEK CREEK 

R5 

R4 

R4 

N orthwest A lberta - Production & Reserves Sum m ary 

Reserve Volumes 

Reserve Values 

Current Production Summary 2009 

Total Proved Proved+Probable 

Pre-tax NPV@10% 

Liquids Gas Total NOI Liquids Gas Total Liquids Gas Total TP P+P 

(bbl/d) (Mcf/d) (BOE/d) (M$) (Mbbl) (MMcf) (MBOE) (Mbbl) (MMcf) (MBOE) (M$) (M$) 

497 9,360 2,057 13,046 1,580 18,485 4,661 2,458 27,266 7,002 70,191 99,633 

Reserves effective 09/30/09 prepared by Sproule using 08/31/09 forecast pricing and following NI 51-101 including mechancial updates from YE2008 and updated evaluations for select properties. 

NPV's shown are before tax and using Alberta's existing royalty regime. 

Production is July 2009 based upon TriStar Oil & Gas Ltd. and Petrobank Energy and Resources Ltd. accounting volumes. 

2009 NOI includes six months Tristar actuals and seven months Petrobank actuals and the prorated 2009 Sproule NOI forecast. 

R3 

WEBSTER 

R3 

R2 

R2 

R1W6 

CORNWALL 

KAKWA 

R1W6 

R26 

R27 

R25 

R26 

R24 

R25 

Northwest Alberta Package 3 - 1 

R23 

STURGEON 

LAKE 

R24 

R22 

R23 

R21 

ANTE 

CREEK CREEK 

NORTH 

ANTE 

CREEK ANTE 

CREEK 

EAST 

R22 

R20 

R21 

R19 

R20 

R18W5 

GILWOOD 

STUMP 

WASKAHIGAN 

R19 

T78 

T77 

T76 

SUNSET 

T75 

BIGSTONE 

T74 

T73 

T72 

T71 

T70 

T69 

T68 

T67 

R18W5 

T66 

T65 

T64 

T63 

T62 

T61 

T60

Package Snapshot 

The Northwest Alberta Package is characterized by having substantial growth potential above a very stable production 

base with several key discoveries made in 2009. The package is anchored by PetroBakken’s extensive lands and production 

at Ante Creek and Sturgeon Lake in Townships 63 to 70 Ranges 22 to 26 W5 , which produce oil and gas primarily 

from the Montney. The property, with a mostly contiguous land position, includes signifi cant infi ll and exploration 

potential. Two horizontal wells drilled in early 2009 have been very successful and will set the stage for the next phase 

of the property’s development. The other properties within the package are also primarily operated, located in highly 

competitive areas, and are in various stages of development. PetroBakken recently made a material and prolifi c Kiskatinaw 

discovery at Cornwall and has drilled a follow-up well. Other properties include Grande Prairie, Bigstone, Gold 

Creek, Waskahigan, Stump, Progress, Kakwa, Sunset, and Gilwood. 

Land Overview 

The package contains large and contiguous land positions which are primarily operated. PetroBakken owns an 

interest in 150,932 total acres (128,389 net acres). The Package also includes 124,852 acres of undeveloped land 

(108,866 acres net undeveloped). Both TriStar and Petrobank had actively acquired new land in 2008 and 2009 

around their core plays within the package. There are expiring lands; however, in many cases extension drilling 

from nearby pools would continue these leases and licenses. 

Reserves and Production Overview 

Production from the Northwest Alberta Package in July 2009 averaged 2,057 BOE/d comprised of 9.4 MMcf/d of 

gas and 497 bbl/d of oil, NGL, and condensate. Reserves for the package include 4.7 MMBOE of Total Proved and 

7.0 MMBOE of Proved plus Probable reserves; approximately 66% of the reserves are natural gas. There are 20 

PDNP, PUD, and Probable opportunities recognized in the Sproule Report, many of these are horizontal infi ll locations 

at Ante Creek/Sturgeon Lake. Additionally, a recent Ante Creek exploration well will be brought on production 

in October 2009 and is expected to have a material impact on production and additional drilling around this 

discovery could provide a substantial increase to both production and reserves. 

Opportunity Overview 

The Northwest Alberta Package includes additional potential, ranging from low risk production optimization opportunities, 

infi ll drilling within existing and developed pools, and seismic driven exploration along prolifi c fairways. 

Sproule recognizes 20 opportunities within the package; an additional 51 opportunties have also been 

identifi ed by PetroBakken. The largest potential within the package is concentrated at Ante Creek/Sturgeon Lake 

and includes horizontal infi ll wells targeting oil and gas in the Montney and additional exploration for new pools; 

the Company has recently had very good success with both. There is also potential in the Gething, Cadomin, Gilwood, 

and Belly River at Ante Creek/Sturgeon Lake where the majority of the property is covered by 2-D and 3-D 

seismic data. 

Additional opportunities include follow-up drilling within the Kiskatinaw at Cornwall to off set a prolifi c discovery 

made by PetroBakken in 2008, Banff oil development drilling at Grande Prairie, Falher recompletion potential at 

Gold Creek, horizontal Cardium oil development at Bigstone, Montney exploration at Gilwood, and other reactivations 

and recompletions. The majority of PetroBakken’s drilling inventory is supported by proprietary 2-D and 3-D 

seismic. 

N orthwest A lberta - Reserve M etrics 

Reserves Category 

5% 

Production ($/BOE/d) 

10% 15% 5% 

Volumes ($/BOE) 

10% 15% 

RLI 

yrs 

Proved Producing 31,342 25,945 22,244 21.12 17.48 14.99 4.1 

Total Proved 42,224 34,128 28,497 18.63 15.06 12.57 6.2 

Proved Plus Probable 62,429 48,443 39,279 18.34 14.23 11.54 9.3 

On current production of: 2,057 BOE/d 

Northwest Alberta Package 3 - 2

Northwest Alberta Package Introduction 

The Northwest Alberta Package is the largest package within the 2009 PetroBakken divestiture process and contains 

several of TriStar’s and Petrobank’s strongest “conventional” Alberta properties which had been receiving less 

attention as the companies focused on their large and growing core properties in southeast Saskatchewan. Many 

of the properties within the package were acquired by either Petrobank or TriStar specifi cally for their growth potential 

and have been actively expanded over the past few years. In the case of Ante Creek, TriStar was adding to its 

land holdings at Alberta Crown sales as late as July 2009. In most cases, PetroBakken controls infrastructure within 

these areas and has acquired proprietary 2-D and 3-D seismic databases to help development of the properties. 

The largest property within the package, in terms of reserves, production, and land, is the Ante Creek/Sturgeon 

Lake area where PetroBakken owns an interest in over 108 sections of land (mostly undeveloped) and produces 

oil and gas from the Montney. Two horizontal wells drilled by the Company in 2009 have positioned the lands for 

signifi cant growth. A horizontal development well with a multi-stage completion within a high GOR oil pool at 

Ante Creek North now produces gas at a signifi cantly higher rate compared to previous vertical wells and sets up 

22 additional horizontal locations on 100% W.I. land. In addition, a 100% W.I. new pool wildcat drilled in Ante Creek 

East will be brought on production in Q4 2009 after testing at very high rates of oil and gas and holds the potential 

to be a material discovery. 

Combined with other producing properties that have development and exploration opportunities over large land 

positions, the Northwest Alberta Package provides a stable production base with signifi cant growth potential. 


Northwest Alberta Package Land Summary 

PetroBakken owns an average 85% working interest in 150,932 acres of land and operates over 95% of its production 

in the Northwest Alberta Package. The package includes large parcels of undeveloped land off setting its 

existing production or new discoveries; there are 124,852 gross undeveloped acres (108,866 net). Although some 

of the lands and properties were inherited through corporate acquisitions by both TriStar and Petrobank (Raven, 

Valiant, Real, etc) a high percentage of the land was acquired by PetroBakken to actively grow specifi c plays. Some 

of the lands were acquired at land sales as late as July 2009. 

N orthwest A lberta Package - Land Sum m ary (A cres) 

D eveloped Land Undeveloped Land Total Land 

H eritage C om pany G ross Net G ross Net G ross Net 

TriStar Oil & Gas Ltd. 21,120 17,681 100,212 89,773 121,332 107,454 

Petrobank Energy and Resources Ltd. 4,960 1,842 24,640 19,093 29,600 20,935 

PetroBakken Package Total 26,080 19,523 124,852 108,866 150,932 128,389 

Land schedules within the Northwest Alberta Package are separated into fi les from both TriStar and Petrobank. In 

most cases, individual properties of the two companies did not overlap such that most land in a specifi c area was 

owned by either TriStar or Petrobank. The land schedule areas may not match to the same roll-ups as the lease 

operating agreements or Sproule reserve areas. 

T78 

T77 

T76 

T75 

T74 

T73 

T72 

T71 

T70 

T69 

T68 

T67 

T66 

T65 

T64 

T63 

T62 

T61 

T60 

R11 

R11 

R10 

R10 

R9 

R9 

R8 

R8 

Northwest Alberta Heritage Land Breakdown 

R7 

Tristar Land 

Petrobank Land 

R7 

R6 

R6 

R5 

R5 

R4 

R4 

R3 

R3 

R2 

R2 

R1W6 

R1W6 

R26 

R27 

R25 

R26 

R24 

R25 


R23 

R24 

R22 

R23 

R21 

R22 

R20 

R21 

R19 

R20 

R18W5 

R19 

T78 

T77 

T76 

T75 

T74 

T73 

T72 

T71 

T70 

T69 

T68 

T67 

R18W5 

T66 

T65 

T64 

T63 

T62 

T61 

T60

Northwest Alberta Package Reserves, Production and Financial Summary 

10 100 1000 10000 

0.1 1 10 100 

Northwest Alberta Package Production 

Data As Of: 2009-07 (AB) 

WellCount: 72/118 

2000 01 02 03 04 05 

Time (years) 

06 07 08 09 2010 

Cal-Day Avg GAS MMcf/day 

Cal-Day Avg OIL Bbl/day 

Northwest Alberta Package 

Working Interest Production 

Cum GAS 23,589,742.7 Mcf 

Cum OIL 688,767.4 Bbl 

Cum WTR 275,076.2 Bbl 

From: 1982-03 

To: 2009-07 

Well Count count 

In July 2009, the Northwest Alberta Package averaged 

9.4 MMcf/d of gas and 497 bbl/d of oil, NGL and 

condensate from 45 wells. The majority of the Company’s 

production is operated and in most cases have 

established production profi les with several years of 

production history, but there are, however, key new 

wells at Cornwall and Ante Creek North that have been 

brought on production in 2009. Overall, production 

from the package has grown steadily as the properties 

were expanded through continued infi ll drilling and 

exploration. Over the past several years, despite TriStar 

and Petrobank being focused primarily on southeast 

Saskatchewan, production from the properties has 

been maintained at relatively fl at levels. 

The Northwest Alberta Package has been divided into 15 individual reserve packages by Sproule. They are also divided 

by their heritage, either TriStar or PetroBank. The Sproule evaluation includes mechanical updates of the 2008 year-end 

reports for most of the properties; however, Sproule has completed updated reports for several of the TriStar properties 

including Ante Creek North and Ante Creek east to incorporate 2009 drilling success due to its materiality. 

Northwest Alberta Sproule Reserve Areas 

T78 

T77 

T76 

T75 

T74 

T73 

T72 

T71 

T70 

T69 

T68 

T67 

T66 

T65 

T64 

T63 

T62 

T61 

T60 

R11 

R11 

R10 

R10 

R9 

R9 

R8 

NARRAWAY 

R8 

R7 

R7 

R6 

PROGRESS 


R6 

R5 

GOLD 

CREEK CREEK 

R5 

R4 

R4 

R3 

R3 

R2 

GIBOS/ 

WEBSTER 

KAKWA 

R2 

R1W6 

R1W6 

0.1 1 10 100 

ANTE 

CREEK 

R26 

R27 

R25 

R26 

R24 

CORNWALL 

R25 


R23 

R24 

R22 

R23 

R21 

ANTE 

CREEK 

EAST EAST 

R22 

R20 

GILWOOD 

STUMP 

STURGEON 

LAKE 

SUNSET 

ANTE 

CREEK 

NORTH 

R21 

R19 

R20 

R18W5 

WASKAHIGAN 

R19 

T78 

T77 

T76 

T75 

T74 

T73 

T72 

T71 

T70 

T69 

T68 

T67 

BIGSTONE 

R18W5 

T66 

T65 

T64 

T63 

T62 

T61 

T60

Northwest Alberta Package Reserves, Production and Financial Summary (Cont’d) 

Sproule has assigned Total Proved reserves of 4.7 MMBOE, of which 66% is Proved Developed Producing. Confi - 

dence in the PDP case is gained by the fact that the Company’s July production rates exceeded the forecast Sproule 

Q4 2009 PDP rates, which are forecast at 8.4 MMcf/d gas and 487 bbl/d of liquids (1,887 BOE/d versus 2,057 BOE/d 

in July). Total Proved plus Probable reserves of 7.0 MMBOE have been assigned to the package. 

Northwest A lberta - Reserve Volumes and Values 

Company Interest Reserves 

Pre-tax NPV discounted @ 

Reserves Category Oil NGL Gas Total Gas Split 5% 10% 10% 

(Mbbl) (Mbbl) (MMcf) (MBOE) (%) (M$) (M$) (M$) 

Proved Producing 649 284 12,717 3,053 69% 64,462 53,362 45,748 

Proved Non-producing 118 27 1,438 384 62% 6,869 6,192 5,641 

Proved Undeveloped 405 97 4,330 1,224 59% 15,512 10,637 7,220 

Total Proved 1,172 408 18,485 4,661 66% 86,842 70,191 58,610 

Probable 655 223 8,780 2,341 63% 41,556 29,443 22,175 

Proved Plus Probable 1,827 631 27,266 7,002 65% 128,398 99,633 80,785 

Reserves as at September 30, 2009 as prepared by Sproule Associates using August 31, 2009 forecast pricing and compliant with NI 51-101. 

NPV's shown are before tax and using Alberta's existing royalty regime. 

The following chart summarizes the reserve categories of the Northwest Alberta Package. The PDNP component 

includes two recompletions at Ante Creek (Cadotte and Montney), a Montney recompletion at Ante Creek East, a 

Cadotte recompletion at Gilwood, and a Gething completion at Sturgeon Lake. Eight PUD locations (mostly 100% 

W.I.) have been assigned at Ante Creek, Ante Creek East, Ante Creek North, and Narraway. The Probable component 

includes both Producing Probable reserves, Probable reserves assigned to the PDNP and PUD events, and 

seven Probable drilling locations at Ante Creek, Ante Creek East, and Ante Creek North. 

Proved Producing 

Proved Non-producing 

Proved Undeveloped 

Total Probable 

Reserves Summary by Category 

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 

Reserves (MBOE) 



The following chart depicts the BT10% NPV on a P+P basis of the various properties. The Ante Creek, Ante Creek 

North, and Ante Creek East properties account for 75% of the total value of the Northwest Alberta Package. 

Ante Creek (43.1%) 

Ante Creek North (19.3%) 

Ante Creek East (12.5%) 

Cornwall (6.3%) 

Waskahigan (4.3%) 

Sunset (3.6%) 

Gibos Webster (2.9%) 

Gold Creek (1.8%) 

Remaining Assets (6.2%) 

Reserve Value by Property 

$43.0 MM 

Total P+P BT 10% NPV $99.6MM 

as per Sproule Associates Limited Evaluation 

Effective September 30, 2009 using 

Sproule August 31, 2009 Price Forecast 

$19.2 MM 

0 10 20 30 40 50 60 70 80 90 100 

NPV @ 10% P+P ($M M ) 

The forecast production volumes for the Northwest Alberta Package are projected to grow appreciably in 2010 as 

infi ll horizontal drilling begins, predominantly in the Ante Creek/Sturgeon Lake area. The majority of these wells 

are prolifi c with initial rates to average in excess of 300 BOE/d. Sproule estimates $33 million of capital will be spent 

in 2010. With the additional unbooked upside (described later in this memorandum), volumes have the potential 

to grow signifi cantly above the Sproule forecast. The majority of these upside volumes are related to additional 

horizontal development of the Montney in the Ante Creek/Sturgeon Lake area. 

(BOE/d) 

4,000 

3,500 

3,000 

2,500 

2,000 

1,500 

1,000 

500 

0 

$12.5 MM 

$6.2 MM 

$4.3 MM 

$3.6 MM 

$2.9 MM 

$1.8 MM 

$6.2 MM 

Northwest Alberta Sproule Forecast Production 

Prob ab le 

PU D /PN P 

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 


PD P


PetroBakken’s production base is reasonably spread across a broad group of wells on a working interest basis. The 

top 30 producing wells in the package represent over 90% of the production. In addition, the Company operates 

the majority of its production with generally high working interests; typically 100%. Two new wells, a Montney 

horizontal at Ante Creek North brought on production in February 2009 and a Kiskatinaw gas well at Cornwall 

brought on production in April 2009 represent the most material net producing wells to the Company. A new 

discovery at Ante Creek East (100/12-36-065-24W5) will be brought on production in Q4 2009 and is forecast to 

become the highest producing well in the package. 

Northwest A lberta Package - Top 30 Producing W orking Interest W ells 

UWID Property 

WI 

Zone Operator 

Gas 

W I C al D ay S ales 

Oil/Liquids BOE 

% (Mcf/d) (bbl/d) (BOE/d) 

100/09-12-067-24W5/00 Ante Creek North 100% Montney TriStar O&G Ltd 1,640 60 333 

100/10-04-070-02W6/00 Cornwall 100% Kiskatinaw Petrobank Enrg&Rsrcs 1,081 58 238 

100/01-06-069-19W5/00 Sunset 100% Gething TriStar O&G Ltd 558 9 102 

102/10-34-069-23W5/06 Sturgeon Lake 55% Bluesky TriStar O&G Ltd 561 5 98 

100/05-10-066-25W5/00 Ante Creek 100% Montney TriStar O&G Ltd 288 48 96 


100/06-13-067-24W5/00 Ante Creek North 100% Montney TriStar O&G Ltd 422 11 82 

100/10-30-067-06W6/02 Gold Creek 20% Falher Prospex Rsrcs Ltd 318 20 73 




100/07-17-063-22W5/00 Waskahigan 50% Gething TriStar O&G Ltd 266 5 49 

102/06-03-072-04W6/00 Grande Prairie 61% Banff Petrobank O&G Inc 138 23 46 



100/07-20-071-20W5/00 Stump 50% Montney Advantage O&G Ltd 194 3 35 

100/01-31-077-09W6/00 Progress 100% Halfway Petrobank O&G Inc 146 8 32 

100/11-14-063-22W5/00 Waskahigan 54% Bluesky TriStar O&G Ltd 149 3 27 













Notes: Property name as per Sproule reserve report area. 

Notes: Producing zone as per Sproule report. 

Top 30 W ells Total 7,954 461 1,787 

Notes: Production estimated from exported well list to geoScout July 2009 with W.I., shrinks, and liquids per Sproule Report. 



The following table provides a fi nancial summary of the Northwest Alberta Package and includes lease op actuals 

and Sproule’s Proved plus Probable forecast. Operating costs for the package are generally low, averaging below 

$10/BOE in 2008 and beyond. Royalties on the new wells are expected to decrease from historical levels given the 

Alberta government’s incentive programs. 

Actual Act./Fcst. Forecast Forecast Forecast Forecast 

2008 2009 2010 2011 2012 2013 

Production Rates 

Oil (bbl/d) 318 279 956 747 491 384 

NGL (bbl/d) 227 224 304 245 172 135 

Gas (Mcf/d) 7,632 8,664 12,539 10,638 7,473 5,851 

Total (BOE/d) 1,817 1,947 3,350 2,765 1,909 1,494 

Operating Income 

Northwest Alberta - Financial Summary 

Revenue 

Oil Revenue (M$) 10,700 7,046 26,264 21,509 14,550 12,168 

NGL Revenue (M$) 5,470 3,722 7,201 6,047 4,428 3,711 

Gas Revenue (M$) 22,682 12,903 24,786 24,956 18,569 16,234 

Other Revenue (M$) 113 23 0 0 0 0 

Total Revenue (M$) 38,965 23,694 58,250 52,512 37,547 32,114 

Expenses 

Royalties & Min Tax (M$) 9,314 4,173 7,066 10,201 8,860 7,101 

Operating Costs (M$) 6,560 6,476 10,382 9,715 8,057 7,175 

Other Costs (M$) 4 0 0 10 42 0 

Total Expenses (M$) 15,878 10,649 17,449 19,926 16,960 14,276 

Net O perating Income (M$) 23,087 13,046 40,802 32,585 20,588 17,838 

C apital Requirements (M$) 16,289 30,131 33,045 0 0 0 

C alculated V alues 

Average Oil Price ($/bbl) 92.11 69.12 75.24 78.90 81.24 86.56 

Average NGL Price ($/bbl) 66.09 45.53 64.92 67.68 70.42 75.11 

Average Gas Price ($/Mcf) 8.14 4.08 5.42 6.43 6.81 7.58 

Average Price ($/BOE) 58.75 33.34 47.64 52.04 53.90 58.72 

Royalty Rate (%) 24% 18% 12% 19% 24% 22% 

Operating Cost ($/BOE) 9.90 9.11 8.49 9.64 11.63 13.12 

Netback 

Notes: 

($/BOE) 34.81 18.35 33.37 32.29 29.55 32.62 

Engineering forecasts prepared by Sproule Associates Limited using forecast pricing effective August 31, 2009. 

Actuals are from Company lease operating statements. 

Forecasts are based on Sproule Associates Limited Proved plus Probable category. 

Numbers may not match summaries or add due to rounding. 

2009 Property Actuals are Jan-June TriStar and Jan-July for Petrobank (monthly averages). 

2009 NOI includes six months Tristar actuals and seven months Petrobank actuals and the prorated 2009 Sproule NOI forecast. 


Northwest Alberta Package - Individual Property Descriptions 

Since the land, reserve and accounting areas for the information relating to the Northwest Alberta Package do not have 

identical borders, and due to the proximity and similarity of the Ante Creek, Ante Creek North, Ante Creek East, and 

Sturgeon Lake areas, FirstEnergy has combined these four areas together into the Ante Creek/Sturgeon Lake Property 

for discussion and review purposes. These properties account for 75% of the Proved plus Probable BT10% NPV of the 

Northwest Alberta Package and the majority of the unbooked upside potential. The other properties in the Northwest 

Alberta Package include Cornwall, Grande Prairie/Gibos-Webster, Progress, Gold Creek, Narraway, Waskahigan, Bigstone, 

Gilwood, and Stump. 

Ante Creek/Sturgeon Lake Property 

The Ante Creek/Sturgeon Lake Property incorporates PetroBakken’s interests from Townships 64 to 69 and Ranges 23 to 

26W5. The Company owns a mostly operated position covering 108 sections that is producing from, and very prospective 

for, oil and gas in the Montney. Other prospective zones include the Gething, Bluesky, Gilwood, Peace River, Dunvegan 

and shallower zones. The properties produced approximately 440 bbl/d of oil and 5.3 MMcf/d in July 2009. 

T70 

T69 

T68 

T67 

T66 

T65 

T64 

R26 

R26 

Ante Creek/Sturgeon Lake Overview 

R25 

Ante Creek North 

Triassic 'E' Pool 

OOIP = 197 MMbbl 

ANTE CREEK 

R25 

R24 

Sturgeon Lake South 

Triassic 'F' Pool 

OOIP = 101 MMbbl 

Restricted 

Access Area 

R24 

R23 

STURGEON 

LAKE 

ANTE CREEK 

NORTH 

ANTE CREEK 

EAST 

The Ante Creek/Sturgeon Lake area has undergone several stages of development over the past 15 years. Two 

large Montney oil discoveries were originally developed and are now operated by ARC Resources Ltd. (Ante Creek 

North Triassic ‘E’ Pool with OOIP of 197 MMbbl) and NAL Resources Ltd. (Sturgeon Lake South Triassic ‘F’ Pool with 

OOIP of 101 MMbbl). In addition to these, many other Montney pools have been discovered and delineated. Tri- 

Star had accumulated its extensive land position to exploit the edges of these large pools and to explore for new 

ones along the subcrop edge. 

R23 


R22W5 

R22W5 

T70 

T69 

T68 

T67 

T66 

T65 

T64

Ante Creek/Sturgeon Lake Property (Cont’d) 

The Montney within the Ante Creek/Sturgeon Lake area has variability in both reservoir quality and lithology and 

can be structurally complex with numerous faults separating reservoir sands. This complexity and variability sets 

up signifi cant potential to make additional discoveries targeting both oil and gas throughout the area. The larger 

pools with the best reservoir quality are currently under waterfl ood by ARC and NAL. Both pools have seen their 

development mature from vertical wells, to openhole horizontals, to horizontal wells with multi-stage comple- 

T78 

T77 

T76 

T75 

T74 

T73 

T72 

T71 

T70 

T69 

T68 

T67 

T66 

T65 

T64 

T63 

T62 

T61 

T60 

R11 

R11 

R10 

Knopcik 

R10 

R9 

R9 

R8 

R8 

R7 

Pouce Coupe 

Valhalla 


Montney Oil Wells 

Montney Gas Wells 

R7 

R6 

R6 

Northwest Alberta Montney Overview 

R5 

R5 

R4 

R4 

R3 

Belloy 

R3 

R2 

R2 

R1W6 

Grande Prairie 

R1W6 

R26 

R27 

R25 

R26 

R24 

R25 

R23 

R24 

R22 

R23 

R21 

Girouxville 

Stump 

R22 

R20 

Sturgeon 

Lake 

Ante 

Creek 

Kaybob 

South 

R21 

R19 

R20 

R18W5 

Normandville 

Sunset 

In 2009, two TriStar-operated horizontal wells with multi-stage completions were drilled in the Montney with great 

success and have dramatically redefi ned the Company’s plans within the area and will lead to signifi cant growth in 

both reserves and production. 


R19 

T78 

T77 

T76 

T75 

T74 

T73 

T72 

T71 

T70 

T69 

T68 

T67 

R18W5 

T66 

T65 

T64 

T63 

T62 

T61 

T60


Ante Creek/Sturgeon Lake Land Overview 

PetroBakken owns an interest in 64,120 gross acres (108 sections of land) within the Ante Creek//Sturgeon Lake 

area with a variety of rights. The majority of the land is operated with a 100% working interest. 

T70 

T69 

T68 

T67 

T66 

T65 

T64 

R26 

R26 

Ante Creek/Sturgeon Lake Expiring Land Summary 

R25 



Expiring Before YE 2011 

R25 

R24 

Restricted 

Access Area 

R24 

The area generally has good access on forestry roads and on the Simonette Road which runs through the area. However, 

a portion of PetroBakken’s lands at Ante Creek North and Ante Creek East are subject to a “Restricted Access 

Area” centered in Township 66 Range 24W5. The area is managed by the Alberta government (Sustainable Resource 

Development) which places restrictions on the types and widths of access roads that can be built within it. There are 

no seasonal variation or timing considerations with respect to the restrictions. The maximum allowance for roads is 

10 metres with 5 metres for pipelines (15 metres total) with no grade or gravel allowed; in the summer, wood matting 

must be used. TriStar has drilled within this area in 2009 with no issues; however, the access restriction will dictate 

some of PetroBakken’s future facility and development plans, but not impact the scale of development. 

R23 


R23 

R22W5 

R22W5 

T70 

T69 

T68 

T67 

T66 

T65 

T64


Ante Creek Property 

Immediately south of the ARC operated Ante Creek North Triassic ‘E’ Pool, PetroBakken owns an interest in 23 operated 

and producing Montney oil wells (65% to 100% W.I.) which are part of the Ante Creek Comingled Pool and 

produced 260 bbl/d of oil and liquids and 1.6 MMcf/d in July 2009. The pool is separated from the Triassic E Pool by 

a series of northeast trending faults, though the pool is along a similar subcrop edge. In general, reservoir quality 

decreases marginally towards the south. PetroBakken’s production is tied into ARC Resources Ltd.’s battery and gas 

plant at 10-36-66-25W5. 

T66 

T65 

6 

6 

100/05-10 

July Prod. = 45 bbl/d 

= 366 Mcf/d 

Cum. Cum. Prod. = 31.2 Mbbl 

= 236 MMcf 

102/05-10 


= 460 Mcf/d 

Cum. Prod. = 9.5 Mbbl 

= 459 MMcf 

Ante Creek Overview 

R25 

31 36 


(A (A FAULT FAULT 



100/06-23 

July July Prod. = 25 bbl/d 

= 203 Mcf/d 


= 169 MMcf 

R25 

pp 

x. x. Loc Loc tio tio 

pro pro aa 

Ante Creek 

Commingled Pool 

) ) 

nn 

1 

100/11-24 


= 44 Mcf/d 


=43MMcf = 43 MMcf 

100/05-13 


= 277 Mcf/d 




1 

6 

31 

6 

R24W5 

Restricted 

Access Area 

100/14-12 


= 67 Mcf/d Mcf/d 


= 204 MMcf 

MONTE 

MONTE 

YY SA SA DD 

NN EE 

GG 

DD EE 

100/08-24 


= 53 Mcf/d 


= 202 MMcf 

R24W5 

T66 

T65


The original Montney wells in the immediate area were drilled in the 1960’s and were followed by development 

in 2003 to 2005 by a series of infi ll vertical oil wells, including the majority of PetroBakken’s vertical oil wells. These 

wells have come on production at an initial rate of ~80 bbl/d of oil and ~300 Mcf/d of solution gas and then decline 

to under 20 bbl/d oil and ~100 Mcf/d gas where they then produce with a shallow decline. Most of the wells in 

the northern part of PetroBakken’s acreage have produced 25 Mbbl to 35 Mbbl per vertical well after four to eight 

years; rates decrease towards the south. 

2-12 Montney Production 

0.1 1 10 100 

1 10 100 1000 


From: 2005-11 

To: 2009-07 

2005 06 07 08 09 

2010 

Time (years) 

Cal-Day Avg GAS Mcf/day 


GROSS PRODUCTION 

RAVEN ANTE 2-12-66-25 

100/02-12-066-25W5/00 

Cum GAS 90,658.0 Mcf 




Status: Pumping Crude Oil 

Field: ANTE CREEK (0055) 

Pool: COMMINGLED POOL 001 (0800160) 

Monthly Hours hrs 

Ratio: WTR/GAS Bbl/MMcf 

1 10 100 1000 

1 10 100 1000


In an eff ort to increase performance and recovery, TriStar drilled two horizontal oil wells in 2006 in the south part of the 

pool where reservoir quality was slightly lower. The horizontal wells were drilled off setting two of TriStar’s older vertical 

wells at 100/08-24-065-25W5 and 100/09-24-065-25 W5, which had stabilized at lower rates after producing over 30 

Mbbl oil and 16 Mbbl oil respectively. The wells were left openhole and utilized an early version of Haliburton’s Cobra 

Frac technology. The fi rst horizontal was drilled at 100/11-24-065-25W5 with a 978 metre long openhole section. The 

well was completed using the Cobra Frac and brought on production in October 2006 and has produced at a very stable 

rate of 10 to 18 bbl/d oil and 36 to 60 Mcf/d for two and a half years; the well had produced 10.4 Mbbl and 43 MMcf to 

July 2009. TriStar’s second horizontal well was drilled to the west in January 2007 at 100/06-23-065-25W5 and completed 

open hole with a similar stimulation. The well was brought on production in August 2007 at an initial rate of 70 bbl/d 

oil and 578 Mcf/d of solution gas. At July 2009 the well had produced 16.1 Mbbl and 169 MMcf. 

0.1 1 10 100 

0.1 1 10 100 


From: 2006-10 

To: 2009-07 


2006 07 08 

Time (years) 

09 

2010 




TRISTAR HZ ANTE 11-24-65-25 

100/11-24-065-25W5/00 









1 10 100 1000 

1 10 100 1000 

0.1 1 10 100 

1 10 100 1000 


From: 2007-08 

To: 2009-07 


2007 08 09 

2010 

Time (years) 





100/06-23-065-25W5/00 









In January 2007 TriStar also drilled a horizontal well at 100/05-10-066-25W5 and completed it using a 7x30 tonne 

Packers Plus fracture stimulation.The well was brought on production in October 2007 at an initial rate of 460 bbl/d 

oil and 1.6 MMcf/d of solution gas and had produced 31.2 Mbbl oil and 236 MMcf to July 2009. A second horizontal 

well was drilled from the same surface location; the 102/05-10-066-25W5 well was completed using a 7x60 tonne 

Packers Plus completion and brought on production in September 2008 at an initial rate of 128 Mbbl/d oil and 2.0 

MMcf/d solution gas and has produced 9.5 Mbbl oil and 205 MMcf to July 2009. The improved completion technology 

and programs have led to increased recoveries and rates. 


1 10 100 1000 

1 10 100 1000


1 10 100 1000 

10 100 1000 10000 


From: 2007-10 

To: 2009-07 


2007 08 09 

2010 

Time (years) 





100/05-10-066-25W5/00 









1 10 100 1000 

1 10 100 1000 

1 10 100 1000 

10 100 1000 10000 


From: 2008-09 

To: 2009-07 

2008 09 

Time (years) 

2010 



102/5-10 Montney Production 


TRISTAR HZ 102 ANTE 5-10-66-25 

102/05-10-066-25W5/00 




Status: Flowing Crude Oil 





TriStar drilled a third horizontal at the southwestern edge of the current pool boundary at 100/05-13-065-25W5 which 

was completed with a 7-stage completion in November 2008. The well was brought on production in December 

2008 at an initial rate of 20 bbl/d oil and 639 Mcf/d gas and has produced 2.9 Mbbl and 90 MMcf to July 2009. 

0.1 1 10 100 

1 10 100 1000 


From: 2008-12 

To: 2009-07 


2008 09 

Time (years) 

2010 




TRISTAR ANTE 5-13-65-25 

100/05-13-065-25W5/00 










1 10 100 1000 

0.1 1 10 100 

1 10 100 1000 

0.1 1 10 100


PetroBakken has identifi ed an additional 11 horizontal locations at Ante Creek. All of the locations are 100% W.I. 

and Sproule has assigned PUD reserves to fi ve of the locations with Total Proved plus Probable reserves of 889 

MBOE. All of the locations are forecast to be drilled in 2010 with drill costs of $2.0 million per well and completion 

costs of $1.4 million per well. The remaining six locations have not been evaluated by Sproule. If successful and as 

development drilling is continued to be pushed further south and west, additional locations could be developed 

on PetroBakken’s large undeveloped land base. 

Ante Creek Montney Net Pay with Locations 

T66 

T65 

6 

31 36 

6 

33 

9 

66 3 

12 12 

6 

12 


Proved Undeveloped Location 

Unbooked Location 

Reactivation (PDNP +PA) 

C.I. 

PetroBakken 

= 3m 

Land 

Montney Penetrations 

9 

12 

15 15 

R25 

(A (A FAULT FAULT 

R25 

pp 

12 12 

) ) 

nn 

x. x. Loc Loc tio tio 

pro pro aa 


9 

1 

1 

6 

33 

12 12 

99 

0 

6 

31 

6 

R24W5 

Restricted 

Access Area 

66 

MONTE 

MONTE 

YY SA SA DD 

NN EE 

GG 

DD EE 

33 

R24W5 

0 

T66 

T65


Sproule also recognizes a completion of the Cadotte at 00/09-12-066-25W5M/2 (operated by ARC, PBN 50% W.I.), a 

Montney reactivation at 100/05-19-065-24W5, a Montney/Gething reactivation at 100/02-31-064-24W5, a Gething 

completion at 100/01-06-065-24W5, and a Montney reactivation at 100/08-18-065-24W5. 

Ante Creek North Property 

The Ante Creek North Property is located 5.0 kilometres east of the ARC-operated Ante Creek Triassic ‘E’ Pool and includes 

PetroBakken’s interests in seven producing wells which comprise the Ante Creek North Triassic ‘A’ Pool. There is also a producing 

oil well at 102/09-08-067-23W5, which PetroBakken believes is in a diff erent pool seperated by a fault. The Triassic ‘A’ 

Pool is located east of the Triassic ‘E’ Pool on a separate Montney subcrop edge. The pool is bound to the north by a major 

northeast trending fault, and to the east and south by other smaller faults. Gas can fl ow south from the property to CNRL’s 

Dunvegan gas plant, north to Altagas’ Sturgeon Plant, or to both, providing considerable fl exibility in regards to capacity. 

T67 

T66 

R25 

36 

1 



36 

C.I. = 2m 

R25 

31 36 



6 

100/04-04 

July Prod. = 153 Mcf/d 

Cum. Prod. = 349 MMcf 

A nte C reek Property - O pportunity Summary 

O pportunity Property O peration Zone 

Ante Creek North Montney Net Pay 

R24 

10 10 

Restricted Access Area 

88 

102/11-12 


= 65 Mcf/d 

Cum. Prod. = 24 Mbbl 

= 109 MMcf 

100/01-11 


= 114 Mcf/d 


= 252 MMcf 

31 36 

R24 

(Approx. 

(Approx. Location) Location) 

FAULT FAULT 

6 

10 10 

4 

1 

88 

100/06-13 


Cum. Prod. = 1.2 Bcf 


2 

6 

44 

WI 

(%) Reserve C ategory 

31 36 

100/04-18 



6 100/06-07 



2 

31 

R23W5 

G as 

(MMcf) 

102/09-08 


= 38 Mcf/d 


= 252 MMcf 

FAULT FAULT (Approx. 

(Approx. Location) Location) 

R23W5 

Oil/NGL 

(Mbbl) 

T otal R eserves 

(MBOE) 

02-31-064-24W5 Ante Creek Reactivation Montney/Gething 39% PA 185 4 35 

01-06-065-24W5 Ante Creek Completion Gething 30.0% PA 43 1 8 

03-17-065-24W5/0 Ante Creek Hz Drill - Oil Montney 100.0% PU 609 93 195 

08-18-065-24W5/0 Ante Creek Reactivation Montney 100% PA 235 36 75 



05-19-065-24W5/0 Ante Creek Reactivation Montney 100.0% PDNP 45 5 13 

14-27/05-26-065-25W5 Ante Creek Hz Drill - Oil Montney 100.0% Unbooked - - - 




07-12/01-12-066-25W5 Ante Creek Hz Drill - Oil Montney 65.0% PU 491 75 157 


09-12-066-25W5/2 Ante Creek Reactivation Cadotte 50.0% PDNP 272 6 51 



Reserves as at Septmebr 30, 2009 as prepared by Sproule Associates, NI51-101 compliant. 

Reserve categories stated are Sproule primary booking categories. 

Unbooked opportunities are PetroBakken internal reserve estimates, which may be summarized in the Confidential Information. 

Total Proved Plus Probable 

1 

T67 

T66


The property was developed with vertical oil wells drilled between 2000 and 2006, primarily by ConocoPhillips (Crestar 

Energy). Most wells have encountered reservoir sands ranging up to 15 metres thick with porosity of up to 18%; 

marginally lower than those encountered in the Triassic ‘E’ Pool to the west which produces 35 o API oil. The wells have 

produced with a relatively fl at profi le after the initial decline of fl ush production. The last vertical well drilled at the 

property was 100/04-18-067-23W5 in March 2006, which was brought on production in March 2008 at an initial rate 

above 800 Mcf/d. The well had declined to 250 Mcf/d by July 2009 after producing 164 MMcf. 

1 10 100 1000 

0.1 1 10 100 


WellCount: 7/7 

Ante Creek North A Pool Production 

2002 03 04 05 06 

Time (years) 

07 08 09 2010 

Prd-Day Avg GAS MMcf/day 

Prd-Day Avg OIL Bbl/day 


ANTE CREEK NORTH TRIASSIC A POOL 

Cum GAS 3,702,559.0 Mcf 



0.1 1 10 100 

1 10 100 1000 

From: 2002-03 

To: 2009-07 

Well Count count 

Ratio: WTR/OIL Bbl/Bbl 


From: 2008-03 

To: 2009-07 

0.01 0.1 1 10 

0.01 0.1 1 10 


2008 09 

Time (years) 

2010 

Cal-Day Avg/Well GAS Mcf/day 

Cal-Day Avg CND Bbl/day 



TRISTAR ANTEN 4-18-67-23 

100/04-18-067-23W5/00 


Cum OIL 0.0 Bbl 


Status: Flowing Gas 

Field: ANTE CREEK NORTH (0056) 

Pool: MONTNEY A (0524001) 

Ratio: GAS/OIL MScf/Bbl 


1 10 100 1000 

0.1 1 10 100


PetroBakken’s reservoir at Ante Creek North is slightly tighter than the other large Montney oil pools at Ante Creek; 

because of this TriStar completed technical work in 2008 to evaluate the suitability of the reservoir to be developed 

through horizontal wells with multi-stage completions. The operated 100/06-13-67-24W5 vertical gas well was 

compared with Celtic Exploration’s Kaybob 100/07-16-060-19W5 vertical Montney well. Using a 20-ohm cut-off , 

though the Kaybob 7-16 well has approximately twice the pay thickness, porosity is higher within the Ante Creek 

North 6-13 well. Both wells were strong vertical producers. 

0.01 0.1 1 10 

10 100 1000 10000 


From: 2003-09 

To: 2009-07 

ANTE CREEK NORTH 

100/06-13-067-24W5 

NORDEGG 

MONTNEY 

2003 04 05 06 07 08 09 

2010 

Time (years) 



INDIVIDUAL PRODUCTION 

TRISTAR ANTEN 6-13-67-24 

100/06-13-067-24W5/00 

Cum GAS 1,204,511.2 Mcf 



Ante Creek North To Kaybob Montney Cross-Section 




Ratio: GAS/OIL MMScf/Bbl 


0.1 1 10 100 

0.1 1 10 100 

10 100 1000 10000 


From: 2006-07 

To: 2009-07 

KAYBOB 

100/07-16-060-19W5 

NORDEGG 

MONTNEY 

2006 07 08 

Time (years) 

09 

2010 


Cal-Day Avg CND [No Data] 



CELTIC KAYBOBS 7-16-60-19 

100/07-16-060-19W5/00 




Status: Pumping Gas 

Field: KAYBOB SOUTH (0514) 

Pool: TRIASSIC P (0500016) 

Ratio: GAS/OIL [No Data] 


0.01 0.1 1 10


In early 2007, Celtic twinned the 7-16 vertical well with a horizontal well at 100/12-16-060-19W5 that was completed 

using a 5-stage fracture stimulation. The 12-16 well came on production in July 2007 at an initial rate in excess 

of 5.0 MMcf/d and has produced over 1.6 Bcf to July 2009, which is a very typical production profi le for horizontal 

wells into the Montney at Kaybob and is representative of the average multiplier from a vertical to a horizontal 

producing gas well. 

10 100 1000 10000 


From: 2007-07 

To: 2009-07 

Celtic Kaybob 12-16 Hz Production 

2007 08 09 

2010 

Time (years) 


Cal-Day Avg OIL [No Data] 


CELTIC HZ KAYBOBS 12-16-60-19 

100/12-16-060-19W5/00 

Cum GAS 1,614,389.1 Mcf 






Pool: TRIASSIC P (0500016) 



1 10 100 1000 

0.01 0.1 1 10


With an analogy for improved rates and recoveries for the Montney sand at Ante Creek North, TriStar drilled a 100% 

working interest horizontal gas well at 100/09-12-067-24W5 off setting its 100/06-13-67-24W5 vertical oil well in January 

2009. The well had an 850 metre long horizontal leg and was completed using a 9x10-tonne Packers Plus fracture 

stimulation and brought on production in February 2009 at an initial rate of 2.2 MMcf/d, increasing to over 3.3 MMcf/ 

d in May 2009. The well has produced over 452 MMcf to July 2009. Sproule has assigned Total Proved reserves of 91.3 

MBOE and Proved plus Probable reserves of 126 MBOE to this well assuming higher recovery. 

1 10 100 1000 

10 100 1000 10000 


From: 2009-02 

To: 2009-07 

9-12 Hz Montney Production 

2009 2010 

Time (years) 




TRISTAR HZ ANTEN 9-12-67-24 

100/09-12-067-24W5/00 




MULTI-STAGE 

HORIZONTAL 

FRACTURING 






9 Frac Stages 

1875m TVD 

850m Hz leg 

1 10 100 1000 

0.1 1 10 100 

9-12 Multi-Stage Completion Schematic 


100/06-13-067-24W5 

NORDEGG 

MONTNEY


Based on the success of the 9-12 horizontal well, PetroBakken has identifi ed an additional 22 horizontal locations 

to further exploit the large tight gas reservoir. Sproule has recognized a Proven Undeveloped location and 2 Probable 

locations (1 oil/1 gas) with Proved plus Probable reserves of 2.0 Bcf and 207 Mbbl of oil and NGL (534 MBOE). 

The wells are forecast to come on production in 2010. 

T67 

T66 

R25 

36 


Ante Creek North Montney Locations 

R24 

31 36 

1 

6 

1 

6 


Proved Undeveloped Locations 

Probable Locations 

36 

Unbooked Drilling Locations 

31 Restricted Access Area 

36 

R25 

R24 

R23W5 

The majority of the locations would be drilled from pads to minimize costs and footprint. The locations in the 

southwest portion of the property are within the Restricted Access Area. However, CNRL has drilled two gas wells 

a few kilometres west without issue. The signifi cant development potential at Ante Creek North would require additional 

facilities and infrastructure. PetroBakken has proposed and completed preliminary modeling of an expansion 

of take-away capacity from this and the Ante Creek East Property, anchored by a new 6-inch gas pipeline to 

the Altagas Sturgeon Gas Plant. Additional batteries, satellites and compression would also be required. 

A nte C reek N orth - O pportunity Sum m ary 



31 36 

WI 


G as 

(MMcf) 


Oil/NGL 

(Mbbl) 


(MBOE) 

03-07/05-07-067-23W5 Ante Creek North Hz Drill - Gas Montney 100.0% Unbooked - - - 




05-17-067-23W5 Ante Creek North HZ Drill - Oil Montney 100.0% PA 251 50 92 














07-13-067-24W5 Ante Creek North Hz Drill - Gas Montney 100.0% PU 1,110 37 222 


13-14-067-24W5 Ante Creek North Hz Drill - Gas Montney 100.0% PA 602 120 220 





31 

R23W5 

1 

T67 

T66


Sturgeon Lake Property 

PetroBakken owns a large undeveloped land position immediately adjacent to, and on trend with, the large NAL 

operated Sturgeon Lake South Triassic ‘F’ Pool. The Sturgeon Lake Property is predominantly undeveloped land, 

although the property does have low risk drilling potential. The majority of this acreage is covered by a large 

proprietary 3-D seismic survey acquired by TriStar in 2006. Mapping based on this seismic has identifi ed several 

prospects in the Montney as well as the Belly River, Gething, Cadomin, and Gilwood. It is anticipated that any 

production could be produced through NAL’s facilities to the northwest or through Altagas’ 2-26-68-25W5 gas 

plant. However, the NAL plant is near capacity given the success of the Trust’s recent infi ll drilling program in the 

Montney. PetroBakken’s only production in the Sturgeon Lake Property comes from a Bluesky gas well at 102/10- 

34-069-23W5 at a July 2009 rate of ~1.5 MMcf/d. 

T70 

T69 

T68 

6 

31 36 

6 

31 36 

6 

R25 

Montney 'F' Pool 

R25 

NAL Sturgeon Lake 

1 

Gas Plant 

Altagas Sturgeon 

Gas Gas Plant 



1 

1 

6 

6 

6 

Strugeon Lake Overview 

R24 

31 36 

31 36 

R24 


1 

1 

1 

6 

102/10-34/6 Bluesky 

July Prod. = 1.5 MMcf/d 


31 36 

6 

31 36 

6 

R23W5 

Proprietary 3-D Seismic 

R23W5 

1 

1 

1 

T70 

T69 

T68


The Triassic ‘F’ Pool was discovered in 1995 and has experienced several periods of development over the past 14 

years (vertical wells, horizontal wells, and now horizontal wells with multi-stage completions). The pool is primarily 

developed by vertical wells and is under waterfl ood, and produces light 39 o API oil. The majority of the recent 

development activity within the pool has been focused on its western and northern end where NAL has used horizontal 

wells and multi-staged completions with great success. The Montney sands within the pool are of a very 

good quality (with porosity up to 20% and permeability ranging up to +40 mD) and range in thickness (net oil pay) 

up to 20 metres. The following plot uses all of the available core data within the Triassic ‘F’ Pool. 

Corek(mD) 

100.00 

10.00 

1.00 

0.10 

0.01 

Strugeon Lake Triassic ‘F’ Pool Core Data 

Sturgeon Lake - Triassic F 

All Montney Core Data 

Core Data 

0% 5% 10% 15% 20% 25% 

Core phi (%) 



The pool is bordered on the west by a fault and to the north and east by an up to 20 metre thick roll-over fault or 

erosional cut. The Montney sand trends southeastward onto PetroBakken acreage before being bound by another 

fault to the southeast, which has been mapped on 3-D seismic. 

T69 

T68 

100/09-22 


= 2.2 MMcf/d 


= 620 MMcf 

100/02-22 


= 2.0 MMcf/d 


= 484 MMcf 

10 10 

18 18 

12 12 

88 

20 20 

16 16 


C.I. = 2m 

Unbooked Locations 

14 14 

44 

22 

00 

66 

R25 

18 18 

R25 

Strugeon Lake Montney Net Oil Pay 

100/06-23 


= 395 MMcf/d 


= 762 MMcf 

16 16 

TRIASSIC 'F' Pool 

OOIP 101 MMbbl 

14 14 

1 

36 

12 12 

ROLLOVER/FA 

ROLLOVER/FA RR 

20m 20m 

10 10 

88 

88 

100/04-08 


= 13 Mcf/d 


= 252 MMcf 

6 

100/14-05 

July Prod. = 7 bbl/d bbl/d 

= 29 Mcf/d 


= 174 MMcf 

31 

ULT/E ULT/E OSION OSION UT UT 


AL AL CC 

44 

22 

66 

00 

R24W5 

100/03-08 


= 12 Mcf/d 


= 60 MMcf 

R24W5 

T69 

T68


Though the sands in the Triassic ‘F’ Pool thin to the southeast, several older vertical wells off setting PetroBakken’s 

acreage were drilled in 1995 to 2000 and have established production with a reasonably fl at profi le. The nearest 

off setting well, 100/14-05-069-24W5, was drilled in July 1995 and brought on production in September 1995 at an 

initial rate of ~70 bbl/d. The well has averaged between 5 bbl/d to 15 bbl/d of oil since 2001 and has produced in 

excess of 81 Mbbl of oil and 174 MMcf of gas. Other off setting wells have similar profi les such as 100/04-08-069- 

24W5 (71.3 Mbbl and 252 MMcf) and 100/03-08-069-24W5 (19.9 Mbbl and 60 MMcf). 

NAL’s recent horizontal wells have been very successful; in the northwest part of the pool, a horizontal Montney 

well was drilled off setting a vertical well at 100/06-23-069-25W5 which came on production in March 2003 with cumulative 

production of 46 Mbbl and 762 MMcf to date, which saw a large increase in productive rate. The 100/09- 

22-069-25W5 horizontal well was drilled in July 2008 and completed with 6-stage fracture stimulation. The well 

was brought onstream in October 2008 at rates in excess of 400 bbl/d of oil and 956 Mcf/d. The prolifi c well has 

already produced 70.8 Mbbl of oil and 620 MMcf of gas to July 2009. 

0.1 1 10 100 

1 10 100 1000 


From: 1995-09 

To: 2009-07 


1995 97 99 01 03 

Time (years) 

05 07 09 2010 




NAL CRESTAR STURLS 14-5-69-24 

100/14-05-069-24W5/00 





Field: STURGEON LAKE SOUTH (0876) 

Pool: TRIASSIC F (0500006) 


Percent: WTR Cut % 

0.1 1 10 100 

0.1 1 10 100 

1 10 100 1000 

10 100 1000 10000 


From: 2008-10 

To: 2009-07 


2008 09 

Time (years) 

2010 





NAL CPC STURLKS 9-22-69-25 

100/09-22-069-25W5/00 






Pool: TRIASSIC F (0500006) 



0.1 1 10 100 

0.1 1 10 100


PetroBakken has identifi ed up to six 100% W.I. horizontal drilling locations on the southeast extension of the Triassic 

‘F’ Pool. The locations target 4.0 to 6.0 metres of net Montney oil pay. PetroBakken estimates these horizontal 

wells will have initial rates of 150 to 300 bbl/d of oil with recoverable reserves of 116 Mbbl of oil and NGL and 1.0 

Bcf per well. The Montney is encountered at a depth of 1,775 metres and PetroBakken estimates the wells will cost 

$3.4 million to drill and complete. Sproule has not evaluated any of these locations. 

Sturgeon Lake Montney Cross-Section 

100/09-22-069-25W5 

100/06-23-069-25W5 100/03-08-069-24W5 100/12-04-069-24W5 

NW 

July 2009 Prod. 

140 bbl/d oil 

2.2 MMcf/d gas 


22 bbl/d oil 

395 Mcf/d gas 


2 bbl/d oil 

12 Mcf/d gas 

SE 

MONTNEY 

COQUINA 


MONTNEY 

NORDEGG 

COQUINA


Using its large 3-D seismic survey, PetroBakken has also identifi ed several exploration prospects across the large 

undeveloped land base at Sturgeon Lake. At 100/14-25-68-24W5, PetroBakken has identifi ed a Montney prospect 

targeting a separate Montney subcrop edge from the one producing to the west. The prospect has been mapped 

using an isochron map from the Montney to the Debolt where thicks represent possible subcropping Montney 

sand. The location is approximately 1.8 kilometres north of an abandoned new pool wildcat at 100/12-24-068- 

24W5 drilled by Suncor Energy in December 1996. The well was cored through the Montney and has porosity in 

excess of 15% and permeability up to 6.3 mD; however, the reservoir was wet on logs. The PetroBakken 100/14-25- 

068-24W5 NPW location would target a thicker and updip Montney section closer to the subcrop edge. 

14-25 Prospect 

Sturgeon Lake Montney Prospect 14-25 

MONTNEY 

DBLT, Flat at 1480ms. 

Other prospects have been identifi ed on PetroBakken’s 3-D seismic and can be reviewed within the confi dential 

information. None of the locations have been assigned reserves in the Sproule Report. 


MONTNEY–DEBOLT ISOCHRON 

SAND SUBCROP EDGE 

14-25-68-24W5 

Montney Prospect 

Isochron Thick from 

Montney to Debolt


PetroBakken owns an interest in the uphole rights in four sections in the northeast corner of T69 R23W5 and 

produces gas from a single Bluesky well at 102/10-34-069-23W5; drilled in 2004 to twin a Leduc oil well. The well 

contains a thick Bluesky reservoir sand that is draped over the deeper Leduc reef trend. The well was brought 

on production in November 2008 and has produced 323 MMcf to July 2009 when it was producing 1.5 MMcf/d. 

PetroBakken owns a 55% interest and operates this well. Sproule has assigned Proved plus Probable reserves of 

292 MMcf to the producing Bluesky. There is also a Gething sand which produced 113 MMcf between August 2007 

and October 2008 when it was suspended. Sproule has assigned Proved plus Probable reserves (PDNP+PA) to a 

recompletion of this Gething zone, which is 100% W.I., of 875 MMcf and 8.0 Mbbl of NGL. 

102/10-34 Bluesky & Gething Log 

0.001 0.01 0.1 1 

1 10 100 1000 


From: 2007-08 

To: 2008-10 

102/10-34-069-23W5/06 

Bluesky 

BLUESKY 

GETHING 

FERNIE 

2007 08 

Time (years) 

2009 



102/10-34 Gething Production 


REAL ET AL STURLS 10-34-69-23 

102/10-34-069-23W5/05 



Cum WTR 895.0 Bbl 



10 100 1000 10000 

Status: Abandoned Zone Gas 


Pool: GETHING O (0326015) 


From: 2008-11 

To: 2009-07 

2008 09 

Time (years) 

2010 

1 10 100 1000 




0.1 1 10 100 

102/10-34 Bluesky Production 


REAL ET AL STURLS 10-34-69-23 

102/10-34-069-23W5/06 






Pool: BLUESKY C (0304003) 



1 10 100 1000 

0.01 0.1 1 10


Although none of the drilling potential at Sturgeon Lake has been recognized by Sproule, it could have a large 

impact on the future growth of PetroBakken’s extensive holdings in the Ante Creek/Sturgeon Lake area. PetroBakken 

would have to build new pipelines to accommodate any new drilling. Although the closest route is under a 

creek to the NAL gas plant, the most likely route to tie-in new volumes would be to build a 4.5 kilometre line to the 

AltaGas Sturgeon gas plant, where PetroBakken already sends its Ante Creek North gas. 

Sturgeon Lake Property - O pportunity Summary 



WI 

(%) Reserve Category 

G as 

(MMcf) 


Oil/NGL 

(Mbbl) 


(MBOE) 

14-25-068-24W5 Sturgeon Lake Prospect Montney 100.0% Unbooked - - - 

06-32-068-24W5 Sturgeon Lake Prospect Belly River 100.0% Unbooked - - - 

15-32/10-32-068-24W5 Sturgeon Lake Hz Drill - Oil Montney 100.0% Unbooked - - - 

13-33 / 12-33-068-24W5 Sturgeon Lake Hz Drill - Oil Montney 100.0% Unbooked - - - 

16-33-068-24W5 Sturgeon Lake Prospect Gething 100.0% Unbooked - - - 




06-33-069-23W5 Sturgeon Lake Prospect Gilwood 100.0% Unbooked - - - 

10-34-069-23W5/5 Sturgeon Lake Reactivation Gething 100.0% PDNP 875 8 154 

08-01-069-24W5 Sturgeon Lake Prospect Cadomin 100.0% Unbooked - - - 


12-04-069-24W5 Sturgeon Lake Strat Montney 100.0% Unbooked - - - 



Unbooked opportunities are PetroBakken internal reserve estimates, which may be summarized in the Confidential Information.


Ante Creek East Property 

The Ante Creek East Property contains a signifi cant new Montney oil discovery drilled in January 2009; PetroBakken 

owns a 100% interest in the discovery well and adjacent lands. Although in its early stages of development, 

PetroBakken expects the Ante Creek East discovery will be a material pool with substantial follow-up potential. 

T66 

T65 

R24 

Restricted Access Area 

PetroBakken P/L 

Completed Oct.'09 

12-36 Discovery Well 

Spud Jan. 2009 

Tie-in Q4 2009 

Test Oil = 5.7 Mbbl 


Proved Undeveloped Location 

Probable 

Unbooked Location 

R24 

Ante Creek East Overview 

1 

36 

Keying off 2-D seismic data, TriStar drilled a vertical well to core and test the Montney at 100/09-36-065-24W5 with 

very encouraging results. The well was subsequently drilled horizontally and a multi-stage completion was placed 

within the Montney sands resulting in a substantial discovery at 100/12-36-065-24W5/02. During a test in February 

2009, the well produced 5.7 Mbbl of oil (which was sold and recorded within public data) and an undisclosed 

amount of natural gas (which was incinerated onsite). TriStar constructed a new pipeline to the discovery well, 

which will be brought on production in October 2009. Subsequent to the discovery, TriStar acquired a 100% interest 

covering the Montney rights (mostly all PNG from surface to base Triassic) in off setting lands in sections N/2 

19, 20, 29-65-23W5 and 11, 13, 14, 23, and 24-66-24W5 at an Alberta land sale in July 2009 for prices ranging from 

$1,522/Ha to $2,752/Ha. 

31 


6 

PP 

OTENTI OTENTI NE NE 

YY 

AL AL MONT MONT 

SS 

R23W5 

UBCR UBCR PP 

ED ED 

OO E E (Ap (Ap oo mate) mate) 

GG 

R23W5 

pr pr 

xx 

ii 

T66 

T65


Sproule has evaluated the Ante Creek East property and assigned PDNP reserves to the 12-36-066-24W5M/02 well 

and to an off setting Proven Undeveloped and two Probable locations. Additional locations have been identifi ed to 

further delineate the early stage discovery. The Ante Creek East discovery, which is detailed within the confi dential 

information, is signifi cant with many parallels to the large surrounding pools in the Ante Creek and Sturgeon Lake 

areas. Additional extension drilling is planned for Q1 2010. 

A nte C reek East Property - O pportunity Summary 

O pportunity Property O peration Z one 


WI 


G as 

(MMcf) 


Oil/NGL 

(Mbbl) 


(MBOE) 

09-36/09-31-065-23W5 Ante Creek East Hz Drill - Gas Montney 100.0% Unbooked - - - 

05-36-065-24W5 Ante Creek East Hz Drill - Oil Montney 100.0% PA 505 104 189 

12-36-065-24W5/2 Ante Creek East Tie-in Montney 100.0% PDNP 758 157 283 

13-36-065-24W5 Ante Creek East Hz Drill - Oil Montney 100.0% PU 631 131 236 





16-13-066-24W5 Ante Creek East Drill - Oil Montney 100.0% Unbooked - - - 





Ante Creek/Sturgeon Lake Area Facility Summary 

The majority of PetroBakken’s production in the Ante Creek/Sturgeon Lake Property is 100% owned and operated. 

Production from Ante Creek is integrated with off setting wells operated by ARC and gas fl ows from PetroBakken 

owned pipelines into ARC’s facilities in section 36-65-25W5, in the middle of PetroBakken’s lands. 

PetroBakken’s production from Ante Creek North (and soon from Ante Creek East) is gathered at a central Petro- 

Bakken operated facility at 6-7-67-23W5 and then fl ows into an operated 4-inch pipeline which runs north-south, 

and provides the option of either fl owing south into the CNRL-operated Dunvegan gas plant at 10-4-66-23W5 or 

north to the AltaGas Sturgeon Lake gas plant at 1-26-68-25W5. 

T70 

T69 

T68 

T67 

T66 

T65 

T64 

R26 

R26 

Ante Creek/Sturgeon Lake Facilities Overview 

R25 

NAL 

Sturgeon Lake 

Gas Plant 

Altagas 

Sturgeon Sturgeon Lake 

Gas Plant 

Proposed 

PetroBakken 

6" Gas P/L 

ARC 

Ante Creek 

Gas Plant 


PetroBakken P/L 

PetroBakken Proposed P/L 

R25 

R24 

CNRL 

4" Gas P/L 

06-07-67-23W5 

Battery & GGS 

PetroBakken 100% W.I. 

Restricted 

Access Area 

R24 

R23 

Sturgeon Lake gas would require 

a new pipeline to NAL or Altagas 

Advantage 

3" Gas P/L 

PetroBakken 

4" Gas P/L 

PetroBakken 

New P/L 

Sept. 2009 

R23 

R22W5 

Gas from Ante Creek North 

&& Ante Creek East can flow 

to either Altagas or CNRL 

CNRL 

Ante Creek/Dunvegan 

Gas Plant 

Production heading north to AltaGas fl ows through an Advantage operated 3-inch line and into a CNRL operated 

4-inch line. PetroBakken is in the initial stages of planning for a new 6-inch line which would parallel these pipelines 

to the AltaGas Sturgeon Lake plant. This additional takeaway capacity will be required given the Company’s 

future development plans in the Ante Creek East and Ante Creek North areas. 


R22W5 

T70 

T69 

T68 

T67 

T66 

T65 

T64

Cornwall Property 

The Cornwall Property is located in Townships 69 to 71 Ranges 1 to 3W6 and includes land PetroBakken acquired 

during 2006 and 2007 for a Devonian exploration play. The property currently produces from a prolifi c discovery 

in one well from the Kiskatinaw. The multi-zoned area remains relatively unexplored, with only three wells drilled 

in the township before the Company acquired its interest. Portions of the property are covered by proprietary 3-D 

seismic. The majority of the Cornwall Property is owned with a 100% working interest, although some lands are 

held 50/50 with West Energy Ltd. 

T71 

T70 

T69 

6 

31 36 

6 

31 36 

6 

R3 


3-D Seismic 

04-09 Unbooked Location 

R3 

1 

1 

1 

Cornwall Kiskatinaw Valley Overview 

6 

31 36 

6 

31 36 

KK NA NA II KK SS 

Gas Gas to to CNRL CNRL 

6 

EE 

STAN STAN LL OW OW 

LL 

ATI ATI WW 

VV 

DD 

AA 

LL YY 

R2 

R2 


1 

100/10-04 Kiskatinaw 

July Prod. = 1.2 MMcf/d 


PetroBakken PetroBakken = 100% W.I. 

100/15-33 

West Energy Location 

PetroBakken = 50% W.I. 

1 

1 

6 

31 36 

6 

31 36 

6 

R1W6 

100/06-03 Beaverhill Lake 

Suspended Oil 


R1W6 

1 

1 

1 

6 

36 

1 

36 

1 

R27 

R26W5 

31 

6 

31 

6 

R26W5 

T71 

T70 

T69

Cornwall Property (Cont’d) 

Petrobank drilled two exploration wells at Cornwall in 2007 exploring for the Beaverhill Lake Sand. The fi rst well, 

100/06-03-070-02W6, was spud in March 2007 and drilled into the Precambrian to a total depth of 3,439 metres. The 

well encountered a few streaks of sand in the Beaverhill Lake with strong shows and a gas kick. The well was completed 

over a 3.0 metre interval between 3,351 to 3,354 metres and brought on production in June 2007 at an initial 

rate of 83 bbl/d of oil. It produced intermittently until January 2008 when it was suspended after producing 2.2 Mbbl 

of oil and 4.5 MMcf. PetroBakken owns a 100% interest in the well and all PNG from surface to basement. 

0.1 1 10 100 

0.1 1 10 100 


From: 2007-06 

To: 2008-01 

6-3 Beaverhill Lake Production 

2007 08 

Time (years) 

2009 



Petrobank’s second well at Cornwall was 

also drilled into the Precambrian at 100/10- 

04-070-02W6 in September 2007 targeting 

the Peavine Sand; 18.3 metres of core were 

cut and recovered through the Beaverhill 

Lake but the zone was non-commercial. 

Several completions were attempted within 

the Granite Wash but were also unsuccessful. 

Petrobank then perforated a 2.0 metre 

interval in the Kiskatinaw between 2,124 

and 2,126 metres and the well fl owed at a 

rate in excess of 20 MMcf/d without stimu- 


PETROBANK CORNWALL 6-3-70-2 

100/06-03-070-02W6/00 




Status: 

Field: 

Pool: 

Flowing Crude Oil 

BEZANSON (1008) 

BEAVERHILL LAKE A (0744001) 


Ratio: WTR/GAS MBbl/MMcf 

10-4 Kiskantinaw Log 

TAYLOR FLAT 

KISKATINAW 

GOLATA 

DEBOLT 


1 10 100 1000 

0.1 1 10 100 

100/10-04-070-02W6 

Kiskatinaw

Cornwall Property (Cont’d) 

The 10-04 well was brought on production in April 2009 at a restricted rate of less than 2.5 MMcf/d, despite being 

capable of much higher rates due to facility constraints; the well produced 127 MMcf between April and July. 

Petrobank constructed a 9.0 kilometre long pipeline to a tie-in point at the Mancal operated 100/08-26-069-03W6 

well; the gas is then transported to an Iteration operated compressor station at 1-23-68-4W6 and then to a CNRL 

operated gas plant. Petrobank completed a fl ow and build-up test with analysis completed by Fekete Associates 

Inc. in Q2 2009 which calculated a very high AOF (>49 MMcf/d) with less than 1% depletion after producing 130 

MMcf; the gas-in-place was estimated to be ~17 Bcf. Sproule has evaluated the 100/10-04-070-02W6 well and assigned 

Proved Producing reserves of 921 MMcf and 30.7 Mbbl of NGL and Proved plus Probable reserves of 2.0 Bcf 

and 68 Mbbl of NGL; Probable Producing reserves were assigned on the basis of stronger recoveries. The well is 

subject to the newest Alberta royalty regime as it was brought on production after April 1, 2009; royalties are 5%. 

PetroBakken owns a 100% interest in this well. 

10 100 1000 10000 


From: 2009-04 

To: 2009-07 

10-4 Kiskatinaw Production 

2009 2010 

Time (years) 



PETROBANK CORNWALL 10-4-70-2 

100/10-04-070-02W6/00 





Field: BEZANSON (1008) 

Pool: KISK UND (0606098) 



PetroBakken has mapped the Kiskatinaw sand using its proprietary 3-D seismic over a large area through the 

Cornwall Property, and a greater areal extent is also supported by the Fekete analysis of GIP. West (PetroBakken 

50%) drilled a deviated follow-up location at 100/15-33-069-02W6 (surface location of 01-04-070-02W6) targeting 

the Kiskatinaw and to a total projected depth of 2,215 metres (TVD) into the Debolt. The results of this well will be 

in the confi dential information. PetroBakken has identifi ed additional follow-up locations to the north and south 

targeting the Kiskatinaw low valley sands, including a location at 100/04-09-070-02W6. PetroBakken anticipates 

drilling this location in Q1 2010. 

C o rn w all Pro p erty - O p p o rtu n ity S u m m ary 


WI 

G as Oil/NGL T otal R eserves 


(%) Reserve Category (MMcf) (Mbbl) (MBOE) 

04-09-070-02W6 Cornwall Drill - Gas Kiskatinaw 100.0% Unbooked - - - 





0.1 1 10 100 

0.1 1 10 100

Grande Prairie / Gibos Webster Property 

The Grande Prairie /Gibos Webster Property includes PetroBakken’s operated interests in 22.25 sections in Townships 

71 to 75 and Ranges 4 to 6W6, with rights that vary from all PNG to only deeper zones (below Montney). The 

property currently produces 240 Mcf/d of gas and 15 bbl/d of oil from two operated wells: one Halfway oil well and 

one Banff oil well. 

T75 

T74 

T73 

T72 

T71 

R6 

R6 

1 

36 

36 

1 

36 

1 

36 

1 

1 

6 

6 

6 

6 

6 

Grand Prairie/Gibos Webster Overview 

R5 

31 36 

31 36 

100/02-01 Halfway 


= 25 Mcf/d Mcf/d 


= 55 MMcf 


31 36 

31 36 


R5 

1 

1 

1 

1 

1 

6 

31 36 

6 

31 36 

6 

31 36 

6 

31 36 

6 

R4 

102/06-03 Banff 


= 356 

Mcf/d 


= 320 MMcf 

PetroBakken PetroBakken = 61 % W.I. 

R4 


1 

1 

1 

1 

1 

6 

31 36 

6 

31 36 

6 

31 36 

6 

31 36 

6 

R3W6 

R3W6 

1 

1 

1 

1 

1 

T75 

T74 

T73 

T72 

T71

Grande Prairie / Gibos Webster Property (Cont’d) 

The Grande Prairie Property In Township 72 Range 4W6, which is covered by 3-D seismic, is located above a Leduc 

uprising that has set-up a Banff oil play due to dolomitization of the usually tight Banff limestone. The circular 

feature is defi ned by seismic and was tested by PetroBakken’s (Kensington’s) 102/06-03-072-04W6 well drilled in 

March 2006 as a twin to by-passed pay in an abandoned well which was drilled to the Devonian Ireton in 2001 by 

PanCanadian to test the Leduc. PetroBakken’s 102/06-03 well resulted in the discovery of the Grande Prairie Banff 

‘A’ Pool. The well was brought on production in May 2006 and has produced 32.6 Mbbl of light 37 o API oil and 320 

MMcf of solution gas; PetroBakken owns a 61% interest in this well. In July 2009 the well was producing 17 bbl/d 

of oil with a 97% oil cut and 356 Mcf/d of solution gas. Sproule has assigned Proved plus Probable reserves of 39.8 

Mbbl of oil and 167 MMcf to this well. 

0.1 1 10 100 

1 10 100 1000 


From: 2006-05 

To: 2009-07 

102/6-3 Banff Log 

102/06-03-072-04W6 

Banff 

102/6-3 Banff Production 

2006 07 08 

Time (years) 

09 

2010 




VEI ET AL 102 GRANPR 6-3-72-4 

102/06-03-072-04W6/00 






Field: GRANDE PRAIRIE (0359) 

Pool: BANFF A (0644001) 




0.1 1 10 100 

0.1 1 10 100


In October 2008, Birchcliff Energy drilled an off setting well targeting the Banff at 100/14-34-071-04W6. Although 

the logs are still confi dential, the well was brought on production in December 2008 and has produced 4.1 Mbbl 

and 19 MMcf to July 2009 with an 85% oil cut. 

T73 

T72 

T71 

R5 

R5 

Grande Prairie Banff Schematic with Locations 

1 

36 

LL 

1 

36 

LL PP 

6 

31 36 

II 

LL DD 

NG NG 

RR FF IN IN 

RA RA GG 

FUE 

FUE 

6 

102/06-03 


Unbooked Development Locations 

EE UC UC RE RE 

R4 

FF 

31 36 


= 356 Mcf/d 


= 320 MMcf 

100/14-34 

Confidential to 10/25/09 


= 75 Mcf/d 


= 14 MMcf 

R4 

FIRS FIRS 

OO 

TT SS 

AA LL 

EE TT GG 

UU 

SS 

EDUC 

EDUC 

FF OO 

CC OP OP 

1 

BB RR 

BASI BASI 

ET ET NN SHALE SHALE 

FF-REE 

FF-REE IRN 

IRN 

1 

6 

31 

6 

31 

R3W6 

Banff Pool Outline 

Mapped from 3-D Seismic 

PetroBakken has mapped this feature using seismic and has identifi ed three additional follow-up locations; though 

the play could ultimately be expanded to include another nine locations. PetroBakken’s interests in these wells 

range from 50% to 100% and in many cases the Company owns additional uphole rights which would serve as 

secondary zones. The Banff is encountered at a depth of approximately 2,700 metres and wells cost $2.5 million to 

drill, complete and equip. Currently, PetroBakken produces its gas into a Suncor pipeline at 7-2-72-4W6 and then 

into EnCana facilities. 

Grande Prairie Property - O pportunity Summary 


R3W6 

WI 


G as 

(MMcf) 

T73 

T72 

T71 


Oil/NGL 

(Mbbl) 


(MBOE) 

09-03-072-04W6 Grande Prairie Drill - Oil Banff 61.0% Unbooked - - - 








At Gibos/Webster, PetroBakken operates a Halfway oil well at 100/02-01-074-06W6 with a 100% interest. The well 

was drilled in August 2004 and brought on production in November 2004. The well forms the one-well Webster 

Halfway ‘B’ Pool and has produced 15 Mbbl of oil and 55 MMcf of solution gas over four and a half years. In July 

2009 the well was producing 5.0 bbl/d of oil with a 98% oil cut and 25 Mcf/d of solution gas. Sproule has assigned 

Proved plus Probable reserves of 19.8 Mbbl and 48 MMcf to this well, which is contract operated by Talisman Energy. 

PetroBakken also owns interests in 10 additional sections within the area covering various rights, though they 

are generally non-operated. 

0.1 1 10 100 

1 10 100 1000 


From: 2004-11 

To: 2009-07 

2-1 Halfway Production 

2004 05 06 07 

Time (years) 

08 09 

2010 




VALIANT WEBSTER 2-1-74-6 

100/02-01-074-06W6/00 





Status: Flowing Crude Oil 

Field: WEBSTER (0937) 

Pool: HALFWAY B (0516002) 




1 10 100 1000 

0.1 1 10 100

Progress Property 

The Progress Property includes PetroBakken’s interests in three sections of land developed by two producing and 

operated Halfway oil wells. PetroBakken owns a 100% interest in PNG from surface to base Halfway in the south 

half of section 31-77-9W6 and PNG to the base of the Bluesky-Bullhead in the north half of the section. PetroBakken 

owns 100% of PNG below the base of the Halfway in sections 36-77-9W6 and 2-78-9W6. 

T79 

T78 

T77 

6 

31 36 

6 

31 36 

6 

R10 

100/11-31 

Cadomin Potential 


100/03-31 


= 32 Mcf/d 



R10 

1 

1 

1 

6 

6 

6 

Progress Overview 

R9 

31 36 

100/01-31 


= 165 Mcf/d 


= 314 MMcf 

31 36 

Progress 

Halfway 'B' Pool 

R9 


1 

1 

1 

6 

31 36 

6 

31 36 

6 

R8W6 

R8W6 

1 

1 

1 

T79 

T78 

T77

Progress Property (Cont’d) 

PetroBakken acquired its interest in the property through its acquisition of Peerless Energy in 2008. The property 

is developed by two Halfway oil wells at 100/01-31-077-09W6 and 100/03-31-077-09W6 which are located on the 

northern end of the CNRL operated Progress Halfway ‘B’ Pool that produces light 40 o API oil. In July 2009, the 1-31 

well produced 7.5 bbl/d of oil and 165 Mcf/d while the 3-31 well produced 18 Mcf/d and was suspended after declining 

from a rate of 6.2 bbl/d of oil and 16 Mcf/d in April 2009. Sproule has assigned Total Proved reserves of 8.5 

Mbbl of oil and 133 MMcf of gas and Proved plus Probable reserves of 15.1 Mbbl and 240 MMcf to the two Halfway 

wells. 

0.1 1 10 100 

1 10 100 1000 


From: 2006-03 

To: 2009-07 


2006 07 08 

Time (years) 

09 

2010 




VALIANT PROGRESS 1-31-77-9 

100/01-31-077-09W6/00 




0.1 1 10 100 

0.1 1 10 100 


Field: PROGRESS (0747) 






From: 2007-03 

To: 2009-07 

10 100 1000 10000 

0.1 1 10 100 


2007 08 09 

2010 

Time (years) 





VALIANT PROGRESS 3-31-77-9 

100/03-31-077-09W6/00 





Field: PROGRESS (0747) 





0.1 1 10 100 

0.1 1 10 100

Progress Property (Cont’d) 

PetroBakken (Peerless) drilled the 100/11-31-077-09W6 well in August 2007 to a depth of 1,945 metres TVD and 

encountered a 17 metre thick Cadomin channel. A 3.0 metre zone of 18% porosity between 1,585 and 1,588 was 

perforated and stimulated; however, the well was never brought on production and is currently suspended. 

11-31 Cadomin Log 

100/11-31-077-09W6 

CADOMIN 

Sproule has not assigned any Cadomin reserves to PetroBakken’s 100% interest in the well. 

Progress Property - O pportunity Summary 


WI 



(%) Reserve C ategory (MMcf) (Mbbl) (MBOE) 

11-31-077-09W6M Progress Tie-in Cadomin 100% Unbooked - - - 





Waskahigan Property 

Waskahigan includes PetroBakken’s interests in Township 63 to 64 Range 22W5, approximately 25 kilometres 

southeast of Ante Creek. PetroBakken owns various operated interests ranging from 22% to 100%, which mostly 

cover all PNG from surface to base Bluesky-Bullhead, although the rights are sometimes split. There are two active 

farmout agreements. The property is currently developed by two producing and operated Gething and Bluesky 

gas wells, which contributed ~900 Mcf/d of natural gas in July 2009. 

T65 

T64 

T63 

T62 

R23 

1 

36 

1 

36 

100/07-17 Gething 



R23 

1 

6 

6 

6 

36 


Waskahigan Area Overview 

R22 

31 36 

Trilogy F/O 

102/02-27 102/02-27 

31 

Drilled Nov. 2008 

Ravenwood F/O 

100/12-23 Spirit River 

Drilled Nov. 2008 

31 36 

31 36 

R22 


1 

1 

1 

6 

31 

100/11-14 Bluesky 



6 

6 

R21W5 

31 

R21W5 

T65 

T64 

T63 

T62

Waskahigan Property (Cont’d) 

PetroBakken owns a 54.38% interest and operates the 100/11-14-063-22W5 Bluesky gas well which was drilled in 

March 1988 and brought on production in January 1994 at an initial rate of 5.0 MMcf/d. The well has produced 6.7 

Bcf of gas and production has decreased to stable rate of 304 Mcf/d in July 2009. Sproule has assigned Proved plus 

Probable reserves of 267 MMcf and 3.8 Mbbl of NGL to this well. 

11-14 Bluesky Log 

100/11-14-063-22W5 

BLUESKY 

GETHING 

10 100 1000 10000 


From: 1994-01 

To: 2009-07 

11-14 Bluesky Production 

1994 96 98 00 02 

Time (years) 

04 06 08 

2010 





TRISTAR WAHIGAN 11-14-63-22 

100/11-14-063-22W5/00 

Cum GAS 6,737,247.1 Mcf 




Field: WASKAHIGAN (0930) 

Pool: BLUESKY A (0304001) 




0.1 1 10 100 

0.1 1 10 100 

0.1 1 10 100

Waskahigan Property (Cont’d) 

7-17 Gething Log 

100/07-17-063-22W5 

BLUESKY 

GETHING 

TriStar had executed two farmout agreements covering 

portions of the Waskahigan Property. Ravenwood 

Energy farmed into section 23-63-22W5 and in March 

2009 attempted a recompletion (perf and frac) of the 

Spirit River in the 100/12-23-063-22W5 well that was 

originally drilled by Alta Energy in 1989. The recompletion 

was unsuccessful but Ravenwood earned a 

100% interest in the northwest quarter of the section 

to the base of the Notikewin with a GORR payable to 

PetroBakken. Trilogy Energy Trust also completed a 

farm-in with TriStar covering section 27-63-22W5. The 

farm-in is still in the earning phase as there has been 

no completion to date of the 102/02-27-063-22W5 

earning well drilled in November 2008. 

10 100 1000 10000 

PetroBakken produces Gething gas in the 100/07-17- 

063-22W5 well (50% W.I.) which was drilled in March 

2003 and brought on production in September 2009. 

The well has produced 2.4 Bcf to date and was producing 

at a very stable rate of 592 Mcf/d in July 2009. 

Sproule has assigned Proved plus Probable reserves of 

1.1 Bcf and 16 Mbbl of NGL to this well, which has very 

little decline. 


From: 2000-09 

To: 2009-07 

7-17 Gething Production 

2000 01 02 03 04 05 

Time (years) 

06 07 08 09 2010 





PENGROWTH WAHIGAN 7-17-63-22 

100/07-17-063-22W5/00 

Cum GAS 2,414,577.2 Mcf 




Field: WASKAHIGAN (0930) 





0.01 0.1 1 10 

0.1 1 10 100 

0.1 1 10 100

Sunset Property 

The Sunset Property includes PetroBakken’s 100% interest in 14 sections of mostly undeveloped land in Townships 

68 to 69 and Ranges 19 to 20W5, east of the Company’s Ante Creek/Sturgeon Lake Property. PetroBakken’s rights 

vary between sections and include all PNG, PNG from surface to base Dunvegan, and PNG from surface to base of 

the Triassic. The property is prospective for multiple zones, but was originally acquired for its Montney prospectivity, 

as it is located 6.0 kilometres south of the Sunset Triassic ‘A’ Pool. 

T69 

T68 

31 36 

6 

31 36 

6 

R20 


R20 

Sunset Area Overview 

1 

1 


31 36 

6 

31 36 

6 

R19W5 

Sunset Triassic 'A' Pool 

OOIP = 32.4 MMbbl 

100/01-06 Gething 



R19W5 

1 

1 

T69 

T68

Sunset Property (Cont’d) 

Sunset is developed by a single producing Gething gas well at 100/01-06-069-19W5, which in July 2009 was producing 

744 Mcf/d with a very fl at production profi le; the well has cumulative production of 473 MMcf since being 

placed on production in December 2007. The well was drilled targeting the Montney in September 2007 but failed 

to encounter hydrocarbons within the target zones; however, a 10 metre thick gas-charged Gething channel sand 

was encountered, which was perforated and brought on production. 

1-6 Gething Log 

100/01-06-069-19W5 

BLUESKY 

GETHING 

FERNIE 

Sproule has assigned Total Proved reserves 

of 859 MMcf and 12.6 Mbbl of NGL 

and Proved plus Probable reserves of 1.4 

Bcf and 21.8 Mbbl of NGL to the 100% W.I. 

well. The remaining PetroBakken land remains 

perspective for the Montney and 

other uphole zones although the property 

has not been actively worked since 2007. 

0.01 0.1 1 10 

1 10 100 1000 


From: 2007-12 

To: 2009-07 


2007 08 09 

2010 

Time (years) 





REAL SUNSET 1-6-69-19 

100/01-06-069-19W5/00 





Field: SUNSET (0884) 

Pool: GETHING B (0326002) 



1 10 100 1000 

0.01 0.1 1 10

Bigstone Property 

The Bigstone Property includes section 8-60-20W5, where PetroBakken owns a 33.3% interest in all PNG from 

surface to base Bluesky-Bullhead. The property is developed by a producing Gething well at 100/05-08-060-20W5 

which was drilled in November 2005 into the Fernie. The well was perforated and completed within the Gething 

over a 2.0 metre interval and brought on production in August 2007 at an initial rate of ~100 Mcf/d; the low rate 

well had produced 49 MMcf to July 2009 when it was still producing 44 Mcf/d. Sproule has assigned Proved plus 

Probable reserves of 9.1 MMcf to this well. 

T60 

T59 

31 36 

6 

R21 

31 36 

1 10 100 1000 


Unbooked Locations 

R21 


From: 2006-03 

To: 2009-07 

Bigstone Overview 

100/11-07 Cardium 

Suspended 


100/05-08 Gething 

July Prod. = 1 44 Mcf/d 6 

Cum. Cum. Prod. = 50 MMcf 

R20 

31 36 

CAR CAR II 

DD UM UM AA DD 

100/09-05 Cardium 

Suspended 31 36 


R20 


SS NN TREND TREND 

2006 07 08 

Time (years) 

09 

2010 




RAVEN KAYBOBS 5-8-60-20 

100/05-08-060-20W5/00 







Pool: GETHING W4W (0327349) 

1 

31 

R19W5 

6 

31 




R19W5 

0.01 0.1 1 10 

0.1 1 10 100 

0.1 1 10 100 

T60 

T59

Bigstone Property (Cont’d) 

TriStar has identifi ed a Cardium oil prospect within the section based on an off setting suspended well at 100/09- 

05-060-20W6, which produced 9.0 Mbbl of oil before being suspended in February 1998. By-passed Cardium oil 

pay has been identifi ed in the 100/06-08-60-20W5 well which was drilled and abandoned February 2000 with approximately 

3.0 metres of potential Cardium pay with porosity above 15%. The Cardium was not tested in this well 

and is encountered at a TVD of 1,602 metres. 

6-8 Cardium Oil Pay 

100/06-08-060-20W5 

CARDIUM 

The tight Cardium in this section is an ideal candidate for horizontal drilling with multi-stage completions; Petro- 

Bakken has identifi ed three potential locations. Sproule has not assigned any reserves to these prospects. 

Big sto ne Pro p erty - O p p o rtunity S um m ary 


WI 


G as 

(MMcf) 


Oil/NGL 

(Mbbl) 


(MBOE) 

01-08/06-08-060-20W5 Bigstone Hz Drill - Oil Cardium 60.0% Unbooked - - - 







Gold Creek Property 

The Gold Creek Property includes PetroBakken’s interests in one section of land at 30-67-6W6 which is developed 

by a producing Falher well, operated by ProspEx Resources Ltd. 

T68 

T67 

6 

Gold Creek Overview 

100/10-30 

July Prod. 2.6 MMcf/d 


31 36 PetroBakken 31 = 20% W.I. 

36 

6 


R7 

R7 

1 

100/10-30 

Falher Channel 

By-passed Pay 

1 

The property produced 520 Mcf/d (net PetroBakken W.I.) in July 2009 from the 100/10-30-67-6W6 well; PetroBakken 

owns a 20% interest in the well (and PNG to the base of the Spirit River). The well was drilled to a total depth 

of 2,444 metres by ProspEx in January 2007 (TD’d in the Nikanassin) and was perforated and fracture stimulated 

over a 9.0 metre interval in the Falher ‘C’ sand. The well was brought on production in March 2007 at a prolifi c rate 

of over 16.5 MMcf/d; the well had produced over 7.8 Bcf through July 2009. Sproule has assigned PDP reserves of 

140 MMcf and 8.8 Mbbl of NGL to this well in the Falher ‘C’ and Proved plus Probable reserves of 372 MMcf and 23.4 

Mbbl of NGL. 

0.1 1 10 100 


From: 2007-03 

To: 2009-07 

10-30 Falher Production 

6 

6 

R6W6 

R6W6 

2007 08 09 

2010 

Time (years) 

Cal-Day Avg/Well GAS MMcf/day 


PROSPEX GOLDCK 10-30-67-6 

100/10-30-067-06W6/02 

Cum GAS 7,855,817.4 Mcf 





Field: GOLD CREEK (0420) 

Pool: SPIRIT RIVER HH (0264034) 



1 

1 

0.01 0.1 1 10 

0.01 0.1 1 10 

T68 

T67

Gold Creek Property (Cont’d) 

Within the 10-30 well, PetroBakken has identifi ed an opportunity to complete uphole by-passed pay in a Falher ‘B’ Channel. 

The Falher ‘B’ Channel produces in off setting wells and has over 3.0 metres of gas pay on logs within the 100/10-30- 

67-6W6 well. Though not as prolifi c as the Falher ‘C’ sand, this zone could be completed and commingled with the lower 

producing sand, adding additional production and reserves. This opportunity is not recognized by Sproule. 

BY-PASSED BY-PASSED PAY PAY 

10-30 Falher Log 

100/10-30-067-06W6 

Fa l her 


FA FALL HER HER 'B' 'B' CHANNEL CHANNEL 

FA FALL HER HER 'C' 'C' 

G old C reek Property - O pportunity Summary 


WI 




10-30-067-06W6 Gold Creek Recompletion Falher B 20% Unbooked - - - 




Gilwood Property 

Gilwood comprises PetroBakken’s interests in 25 sections of contiguous and mostly undeveloped land in Township 

73 to 74 and Ranges 19 to 20W5. The property is 100% working interest and covers all PNG from surface to basement, 

except in sections 11 and 12-73-19W5 where PetroBakken owns all PNG below base Peace River Formation. 

The property was acquired for Montney exploration as it is located on trend with Montney pools to the south (at 

Sunset and Stump) and to the north (at Girouxville and Normandville). Several fault-bounded Montney exploration 

prospects have been identifi ed on 2-D seismic by PetroBakken. 

T74 

T73 

T72 

R21 

R21 

36 

1 

36 

1 

36 


31 36 

6 

31 36 

6 

R20 

31 36 

R20 

Gilwood Overview 

1 

1 

31 36 

6 

31 36 

100/02-14/0 Spirit River 

Susp Gas 


6 

R19 

31 36 

R19 

1 

1 

31 36 

6 

31 36 

6 

R18W5 

100/02-14/2 Cadotte 

Susp Gas 

Cum. Cum. Prod. = 161 MMcf 

31 36 

R18W5 

Gilwood Property - O pportunity Summary 


WI 




02-14-073-19W5/2 Gilwood Reactivation Cadotte 100.0% PDNP 31 0 5 





1 

1 

T74 

T73 

T72

Gilwood Property (Cont’d) 

The property is developed by a single 100% working interest well that is currently suspended but has produced 

gas from both the Spirit River and Cadotte. The well was drilled in January 2006 and brought on production from 

both zones in April 2006. The Spirit River was suspended in March 2007 after producing 82 MMcf and watering 

out. The Cadotte was suspended in December 2008 after producing 162 MMcf when the well started producing 

increased volumes of water. Sproule has assigned PDNP reserves of 31 MMcf and Proved plus Probable reserves 

of 56 MMcf to the Cadotte. 

1 10 100 1000 


From: 2006-04 

To: 2008-12 

2-14 Cadotte Production 

2006 07 08 

2009 

Time (years) 




REAL GILWOOD 2-14-73-19 

100/02-14-073-19W5/02 




1 10 100 1000 


Field: GILWOOD (0413) 

Pool: CADOTTE B (0232002) 




From: 2006-04 

To: 2007-03 

1 10 100 1000 

10 100 1000 10000 

2-14 Spirit River Production 

2006 07 

Time (years) 

2008 





REAL GILWOOD 2-14-73-19 

100/02-14-073-19W5/00 





Field: GILWOOD (0413) 

Pool: SPIRIT RIVER A (0264001) 



1 10 100 1000 

1 10 100 1000

Stump Property 

The Stump Property includes PetroBakken’s 50% and 100% interests in 4,480 acres (seven sections) of land in Township 

71 R 20W5; northeast of the Company’s Sturgeon Lake and Ante Creek properties; PetroBakken’s interests 

include either all PNG from surface to base Triassic or all PNG from surface to basement. Stump is developed by 

two producing Montney wells which are operated by Advantage and are located on the eastern edge of the Stump 

Montney ‘B’ Pool. The property consists mostly of undeveloped land. 

T72 

T71 

6 

31 36 

6 

T70 

R21 

31 36 


R21 

100/15-17 

July Prod. 9 Mcf/d 




1 

1 

6 

6 

Stump Overview 

R20 

100/07-20 

July Prod. 436 Mcf/d 



31 36 

31 36 

R20 


1 

1 

6 

31 36 

6 

R19W5 

31 36 

R19W5 

1 

1 

T72 

T71 

T70

Stump Property (Cont’d) 

The 100/07-20-071-20W5 well was drilled in July 2004 and brought on production from the Montney in August 

2008. The well has produced over 4.2 Mbbl of oil and 1.9 Bcf of gas and in July 2009 was still producing 436 Mcf/d 

(gross) with a low decline; PetroBakken owns a 50% working interest in this well. Sproule has assigned Proved 

Developed Producing reserves of 336 MMcf of gas and 4.0 Mbl of NGL and Proved plus Probable reserves of 402 

MMcf and 4.8 Mbbl to this well. 

10 100 1000 10000 


To: 2009-07 

From: 2004-08 


2004 05 06 07 

Time (years) 

08 09 

2010 




DEFIANT STUMP 7-20-71-20 

100/07-20-071-20W5/00 

Cum GAS 1,927,756.0 Mcf 




Field: STUMP (1267) 

Pool: MONTNEY B (0524002) 



The property also includes an interest in the Advantage operated 100/15-17-071-20W5 Montney pumping oil well 

which has produced 6.8 Mbbl and 13.6 MMcf since being placed on production in August 2006. The well produced 

less than 1.0 bbl/d of oil and 9 Mcf/d of gas in July 2009 (gross) and Sproule has not assigned any reserves to this 

well. PetroBakken owns a 50% interest. 

Narraway Property 

The Narraway Property includes PetroBakken’s 100% interests in four sections of land in Township 63 Ranges 10 

and 11W6. The property is developed by a standing well at 100/14-13-063-11W6 which was drilled in June 2005 

to a total depth 5,576 metres into the Leduc. The well was subsequently completed (fracture stimulated) in the 

Gething between 3,686.5 and 3,690.5 metres in July 2005 and fl owed (AOF’d) at 226 Mcf/d on test with a very high 

pressure of 42.7 MPa. Sproule has assigned Proved Undeveloped reserves of 608 MMcf and 15.0 Mbbl of NGL and 

Proved plus Probable reserves of 852 MMcf and 21.1 Mbbl of NGL to this well. The well is waiting for tie-in and 

Sproule has forecast $1.1 million to be spent in February 2010. 

Narraway Property - O pportunity Summary 


WI 



(%) Reserve Category (MMcf) (Mbbl) (MBOE) 

14-13-063-11W6/2 Narraway Tie-in Gething 100.0% PU 852 21 163 





1 10 100 1000 

0.01 0.1 1 10

Northwest Alberta Package – Opportunity Summary 

The Northwest Alberta Package contains a substantial inventory of opportunities which are mostly unbooked. Sproule 

recognizes 20 opportunities with 2.1 MMBOE of Proved plus Probable reserves. Another 51 opportunities have been 

identifi ed by PetroBakken, the majority of which are high impact Montney locations targeting oil and gas. 

N orthwest A lberta Package - O pportunity Sum m ary 

O pportunity Property O peration Z one W I (%) Reserve C ategory 


G as 

(MMcf) 


Oil/NGL 

(Mbbl) 


(MBOE) 

02-31-064-24W5 Ante Creek Reactivation Montney/Gething 39.0% PA 185 4 35 

01-06-065-24W5 Ante Creek Completion Gething 30.0% PA 43 1 8 


08-18-065-24W5/0 Ante Creek Reactivation Montney 100.0% PA 235 36 75 

09-18-065-24W5/0 Ante Creek Hz Drill - Oil Montney 100% PU 383 59 122 


05-19-065-24W5/0 Ante Creek Reactivation Montney 100% PDNP 45 5 13 







09-12-066-25W5/2 Ante Creek Reactivation Cadotte 50.0% PDNP 272 6 51 





12-36-065-24W5/2 Ante Creek East Tie-in Montney 100.0% PDNP 758 157 283 

13-36-065-24W5 Ante Creek East Hz Drill - Oil Montney 100.0% PU 631 131 236 





16-13-066-24W5 Ante Creek East Drill - Oil Montney 100.0% Unbooked - - - 





05-17-067-23W5 Ante Creek North HZ Drill - Oil Montney 100.0% PA 251 50 92 














07-13-067-24W5 Ante Creek North Hz Drill - Gas Montney 100.0% PU 1,110 37 222 


13-14-067-24W5 Ante Creek North Hz Drill - Gas Montney 100.0% PA 602 120 220 






04-09-070-02W6 Cornwall Drill - Gas Kiskatinaw 100% Unbooked - - - 

02-14-073-19W5/2 Gilwood Reactivation Cadotte 100.0% PDNP 56 0 9 

10-30-067-06W6 Gold Creek Recompletion Falher B 20% Unbooked - - - 




14-13-063-11W6/2 Narraway Tie-in Gething 100.0% PU 852 21 163 

14-25-068-24W5 Sturgeon Lake Prospect Montney 100.0% Unbooked - - - 

06-32-068-24W5 Sturgeon Lake Prospect Belly River 100.0% Unbooked - - - 

15-32/10-32-068-24W5 Sturgeon Lake Hz Drill - Oil Montney 100.0% Unbooked - - - 


16-33-068-24W5 Sturgeon Lake Prospect Gething 100.0% Unbooked - - - 




06-33-069-23W5 Sturgeon Lake Prospect Gilwood 100.0% Unbooked - - - 

10-34-069-23W5/5 Sturgeon Lake Reactivation Gething 100.0% PDNP 875 8 154 

08-01-069-24W5 Sturgeon Lake Prospect Cadomin 100.0% Unbooked - - - 


12-04-069-24W5 Sturgeon Lake Strat Montney 100.0% Unbooked - - -

Northwest Alberta.indd - FirstEnergy Capital Corp.

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