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NEWS BULLETIN

February 11, 2008 --- Vol. 14, No. 16February 2008

Brooks Range spuds Tofkat, Umiat drilling cancelled

Brooks Range Petroleum Corp. spud the Tofkat No. 1 well today, Feb. 11, according to Hillary McIntosh, manager of business development and external affairs for the company.

Tofkat No. 1 sits due east of the village of Nuiqsut. BRPC drilled the well using the Nabors rig 27E.

Tofkat No. 1 is the first new well of the season for BRPC, which recently finished re-drilling the North Shore No. 1 well.

BRPC, a wholly owned subsidiary of the Alaska Venture Capital Group, is running its winter exploration program on behalf of a joint venture with TG World Energy Inc., Nabors subsidiary Ramshorn Investments Inc. and Bow Valley Alaska Corp.

The group plans to drill two more exploration wells this winter.

Elsewhere on the North Slope, a Petroleum News source says Renaissance Umiat has cancelled its drilling at the Umiat oil prospect on the eastern border of the National Petroleum Reserve-Alaska, releasing the Doyon-Akita Arctic Wolf rig.

Editorís note: See full story in the Feb. 17 edition of Petroleum News, which will be available online to paid subscribers at noon Alaska-time this coming Friday, Feb. 15, at www.petroleumnews.com.

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