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May 2006

Vol. 11, No. 21 Week of May 21, 2006

Husky-led partnership posts second discovery in Central Mackenzie Valley

A Husky Energy-led partnership has added to a string of successes in the Central Mackenzie Valley, posting its second discovery in two years, and putting the pieces together for further winter drilling.

The Stewart D-57 well was the first successful Cretaceous hydrocarbon discovery in the region, flowing from two intervals at a combined rate of 5 million cubic feet per day, confirming a hydrocarbon-bearing column of at least 160 feet, Husky said.

The company is also evaluating results from its Summit Creek K-44 well, an appraisal and deeper pool exploration well, drilled to a depth of about 10,266 feet as a follow up to the B-44 well that achieved the first oil and gas find in the Central Mackenzie Valley in 85 years.

B-44 tested at combined rates of 20 million cubic feet per day of gas and more than 6,000 barrels per day of oil and condensate, pointing to a hydrocarbon column of more than 600 feet.

Husky investor relations manager Colin Luciuk told Petroleum News that more work is needed on the D-57 well, 16 miles southeast of B-44, before its success can be determined, while the K-44 is still being evaluated.

Seismic planned for this summer

However, he said 120 miles of seismic will be acquired this summer to identify potential structures, following an extensive seismic survey last fall, and more wells will be drilled in the 2006-07 winter after the last winter’s program was cut short.

Partners with Husky are Northrock Resources (wholly owned by Pogo Producing), EOG Resources Canada, Pacific Rodera and International Frontier Resources.

The partnership reinforced its interest in the area the week of May 8 by acquiring 218,565 acres adjacent to its Exploration License 397 for a work commitment of C$10.5 million over the next four years. That boosted its total land holdings to 850 square miles.

The license sale also saw Talisman Energy and Devon Canada bid C$53.9 million for four parcels covering 841,000 acres and Paramount Resources land 217,000 acres for a work pledge of C$6.3 million.

—Gary Park






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