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Feb 25, 2004

Wilma Summit Creek B-44 Well Update



Dear Shareholders,

On February 24th, 2004 the National Energy Boards reported the Summit Creek B-44 drilling depth at 2,015 meters versus the February 17th, 2004 NEB report of 2,150 meters. As mentioned in our report to shareholders dated February 19th, 2004 we had encountered drilling problems. In summary we could not free the drill pipe and had to cut it off down hole and set a cement bridge plug up hole at 1,650 meters. We are now drilling a side track well from 1,650 meters paralleling the original well bore; the well is currently drilling at a depth of 2,015 meters enroute to 2,660 meters where intermediate casing will be set. Following running of casing the well will be drilled to a total depth of 3,035 meters. If no additional drilling problems are encountered the well should reach total depth around mid March. Upon reaching total depth well logs will be run. Depending on interpretation of well logs production testing will be conducted in March.

It is worthy to note that we are probably 7 to 10 days behind schedule. With respect to moving equipment south, the best case scenario is transporting equipment south on the winter road, however we may require Government approvals if the winter road is closed. The worst case scenario involves moving equipment from the drilling site and staging equipment near the Mackenzie River where it will be barged south when river transportation is available this spring.

The operator budgeted approximately $1.5 million for cost overruns in their AFE of $18.5 million, this is probably enough to cover off drilling delays however final well costs will depend on which transportation scenario occurs.

This project is a major undertaking for any operator; we are pleased to report that the operator of the Wilma B-44 well has done a very good job.

We will endeavor to keep you updated on all non confidential matters.

Yours truly,
Pat Boswell
President


 
 

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