Mar 23, 2004
Update to Shareholders
We would like to advise shareholders that the Company requested our shares be halted prior to the opening of the market on March 22, 2004. There was a miss-communication with the TSX Exchange resulting in an untimely delay in halting trading. I can assure shareholders that management did not buy or sell any shares as we imposed a trading restriction on all Directors and consultants effective March 3, 2004. The regulatory authorities advise that our shares will commence trading on March 23.
On a brighter note, we issued a news release on the status of the Summit B-44 well drilled on our Wilma prospect in the Northwest Territories. While Mother Nature put up quite a fight we were able to get this years drilling operations finished in time to rig out and transport equipment south on the winter road, all within budget of $18.5 million.
We appreciate that shareholders would like to learn more on the results of this years drilling program in the NWT but our Joint Operating Agreement with partners does not allow us to release any more information than what was included in our March 22 news release. As mentioned in previous updates there is a land sale on June 7, 2004 and it is in the consortiums and our shareholders best interest to keep well results confidential. In this regard the Company respectfully requests that shareholders not ask the question "what's in the well". We will disclose results on the Wilma Summit Creek B-44 well when the consortium agrees to do so.
In the second quarter we plan to test Sidox in the field. In a perfect world we will have five wells to test, each being in a separate reservoir in a different oil pool. The objective is to obtain creditable production results and then prepare a reservoir model to evaluate field test data; this model will provide valuable information on the economic benefits and recovery factors. From the date of first application of Sidox we should begin to see results within 60 days; however we will need a minimum of six months production history to confirm if Sidox is a commercial venture.
We are grateful to shareholders for supporting the Company, in the fullness of time we are optimistic that shareholders will be rewarded as our projects in the Northwest Territories and our Sidox technology move forward.
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