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NEWS BULLETIN

March 03, 2003 --- Vol. 9, No. 24March 2003

Evergreen Resources to test deep coals at Pioneer Unit

Coalbed methane producer Evergreen Resources is planning a third, four-well pilot project in Alaska this year to test deeper coals at its Pioneer Unit north of Anchorage.

The company said in a Feb. 27 conference call that “rig limitations” prevented the company from testing the deeper coals at Pioneer last year.

Evergreen also said it hopes to prove up enough gas reserves by year-end to launch first production.

“The goal is to have (sufficient) established proven reserves and be on-line by the end of year, depending on gas quality and how fast we can get hooked up,” Evergreen CEO Mark Sexton said.

The company said it plans to spend $7-to $8 million in Alaska this year, compared to $6 million in 2002.

February ANS production up 5 percent from January

Alaska North Slope production averaged 1,055,952 barrels per day in February, up 5.17 percent from January.

The state Department of Revenue said January production was slowed at Milne Point, Alpine, Badami and Northstar early in the month due to various mechanical problems. The department noted only one such slowdown in February: an Alpine production dip from Feb. 13 to 18 because of problems with power generation.

Endicott had the largest percent January to February increase: up 19.54 percent, averaging 33,625 bpd in February. Prudhoe Bay had the largest per-barrel increase, averaging 548,376 bpd, an increase of 10.81 percent.

Northstar production averaged 50,201 bpd, up 2.8 percent. Kuparuk River averaged 218,922 bpd, up 1.75 percent. Milne Point production averaged 49,177 bpd, up 0.48 percent.

Lisburne production averaged 60,296 bpd, down 11.73 percent and Alpine production averaged 95,355 bpd, down 4.44 percent.

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