NEWS BULLETIN

March 18, 2009 --- Vol. 15, No. 26March 2009

Petro-Canada offers test rates for Gubik well

The first dedicated exploration well for natural gas in northern Alaska tested at rates of up to 15 million cubic feet per day, according to a partner in the drilling program.

Petro-Canada, a large Canadian oil and gas company, offered the figures in year-end documents filed with the U.S. Securities and Exchange Commission this morning.

Petro-Canada said drilling in the Brooks Range foothills in 2008 resulted in one well “completed as a natural gas discovery,” and another “suspended for re-entry in 2009.”

Although not named explicitly, Petro-Canada is certainly referring to the Gubik No. 3 and Chandler No. 1 wells drilled last winter in the region by Anadarko Petroleum.

Anadarko is the operator of a multi-year and wide-ranging search for natural gas across the state, federal and Native land in the western foothills of the Brooks Range, a package of natural gas prospects the company had begun calling the Gubik Complex.

Petro-Canada is an equity partner in the drilling program, along with BG E&P.

See story in March 22 issue, available online at noon, Friday, March 20 at www.PetroleumNews.com


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