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NEWS BULLETIN

June 06, 2008 --- Vol. 14, No. 59June 2008

Fowler Oil and Gas starts site preparation for Kircher CBM well

Fowler Oil & Gas Corp. said June 5 that on June 1 it had started site preparation to drill the Kircher No. 1 well. The well will test for coalbed methane in an area of forest and farmland between Palmer and Wasilla in Alaskaís Matanuska-Susitna Borough.

The company obtained a permit to drill the Kircher well from the Alaska Oil and Gas Conservation Commission on May 14. The Matanuska-Susitna Borough approved a conditional use permit for the well in October.

Fowler plans to use revolutionary new technology to avoid past problems associated with coalbed methane production. Multiple horizontal wells that thread through coal seams will avoid the need for a multiplicity of surface wellheads, while produced water will be pumped into an underground sandstone reservoir without being brought to the surface.

May ANS production down 2 percent from April

Alaska North Slope crude oil production averaged 705,724 barrels per day in May, down 1.7 percent from a 718,032 bpd average in April.

There was a substantial drop following a May 9 power outage at Prudhoe Bay, with production at that field falling to less than 50,000 bpd May 9. Production levels began to come back up the next day, but didnít top the 300,000-bpd level until May 18.

Production from Prudhoe, which averaged 305,860 bpd in April, averaged only 293, 161 bpd in May.

Lisburne ó part of Greater Prudhoe Bay ó also had a substantial drop, down 11.9 percent from April, averaging just 34,849 bpd in May compared to 39,568 bpd in April. Lisburne production dropped below 20,000 bpd May 9, although it got back above 30,000 bpd May 11.

Production from other North Slope fields was up in May compared to April.

For the complete stories see the June 15 edition of Petroleum News, available to subscribers online at noon, Friday, June 13, at www.PetroleumNews.com

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