Lloydminster, Alberta

• Lloydminster Conventional Heavy Oil, 75 mboe
• 3.05 net sections, 100% W.I.
• All drilling activity supported by 3D Seismic
• Innovative low-cost operating structure
• Multi-year drilling opportunities (100+ low-risk wells)
• 3D and existing vertical wells to delineate the pool
• 26 horizontal wells drilled, 100% success
• 10 proposed infill Lloyd horizontal wells for 2008

Lindbergh, Alberta

• GP Conventional Heavy Oil, 75 mboe
• 2 net sections, 100% W.I.
• Drilling supported by 3D Seismic
• Successfully drilled 2 vertical wells to delineate pool boundary; 100% success
• 2 vertical development wells and 1 horizontal for 2008 to further delineate the pool boundary

Galahad/Red Willow, Alberta

• Mannville oil and gas target, 1-2 bcf or 50-75 mbo per well
• 24 sections, 95% W.I.
• 6 exploration and development wells supported by seismic
• Drilled a successful Mannville gas well in Q3 2007
• Multiple workover/ optimization potential identified for 2008
• 1 new Ellerslie Gas Discovery drilled in 2007
• 4 potential conventional oil and gas drilling opportunities

Shackleton, Saskatchewan

• Milk River shallow gas target, 0.2 – 0.3/bcf/well
• Third largest land position with 190.7 gross sections of land; 63.5% average working interest
• Large resource gas plays
• Operated facilities – Crane Lake & Russelton
• Long-life reserves
• Minimal capital plan for 2007
• Multi-year drilling opportunities (400+ low- risk wells)
• 5 wells drilled in 2007 with 100% success
• 8 well reduce spacing approved in the area

Sylvan Lake , Alberta

• Leduc light oil targets with 41° API, 0.5-1.0 mmboe
• Drilled 3 exploration wells with 100% success rate
• 6 development wells (15%-65% W.I.) planned for 2008 pending on timing of reduced spacing approvals
• Latest discovery well producing 75 boed of 41° API
• Production curtailed by third party facility

Red Creek,
British Columbia

• Triassic Gas Target, 2-4 bcf
• 9 sections, 31% W.I.
• Cased one exploration well, waiting on completions
• 2 development wells in 2007

Gage, Alberta

• Kiskatinaw Gas Target, 2-4 bcf
• 2 sections, 100% W.I.
• 1 exploration well before 2006 year end

Eagle Butte, Alberta

• Sawtooth Gas Target, 1-2 bcf
• Bow Island Gas Target, 0.5 bcf
• 12 sections, 100% W.I.
• 1 exploration well before 2006 year end
• Shooting new 2D data

Vidora, Saskatchewan

• Madison Oil Target, 0.25-0.40 mmboe
• 3 sections, 100% W.I. through EnCana Farm-in
• 2 exploration wells before 2006 year end

Gordondale, Alberta

• Charlie Lake Light Oil Taget, 0.10 - 0.20 mmboe
• 2 Sections, 100% W.I.
• 1 exploration well in 2008

West Calais, Alberta

• Granite Wash Target, 5-10 bcf
• Beaverhill Lake: Light Oil Target, 0.5-1.0 mmboe
• Uphole Cretaceous Gas Target, 1.0-2.0 bcf
• 25 sections, 100% W.I.
• 2-3 exploration wells in 2008
• 20 section 3D program planned for 2007

McLeans Creek, Alberta

• Gilwood Light Oil Target, 0.3-0.5 mmboe
• 25 sections, 100% W.I., 20+ 2D closure mapped
• 2 Gilwood Light Oil pools discovered in Q3 2007
• Up to 7 development wells identified in 2008
• 3 Exploration wells in 2007

Teepee Creek, Alberta

• Multi-zone – Stacked Targets
• Mannville Gas, Triassic Oil and Gas plus Mississippian and Devonian Gas Targets
• Control 12.1 net sections of land (average 65% W.I.)
• Additional lands and opportunities being pursued
• Up to 8 Doig light oil development wells identified
• 1 cased exploration well in Q3 2007
• Short tie-in for 2 Doig oil wells in 2007

Jensen, Alberta

• Mannville Glauconite medium oil target, 0.15 mmboe
• 23.75 sections, 50% W.I.
• 2 exploration wells in 2007
• Access to proprietary 2D/3D Seismic data
• Long term exploration project on tightly held Freehold acreage

Puskwa, Alberta

• Granite Wash NGL Target, 5-10 bcf
• Beaverhill Lake Light Oil Target, 0.5-1.0 mmboe
• Uphole Creteceous Gas Target, 1.0 – 2.0 bcf
• 10 sections, 100 % W.I., 3 locations identified by 2D data
• Shooting 3D and additional new 2D data
• 1 exploration well drilled in 2007
• 1 planned Exploration well planned for 2008

McLeod, Alberta

• Gething sweet gas, 1-2 bcf per well
• Downspacing approved April 2007
• 5.5 gross sections of land, 82% W.I.
• 4 potential development locations and 1 exploratory location