Canadian Imperial Venture V.CQV.H

RE: Rig 59

[Malpeque]

Payt; You asked where is #59? Rig 59 is at Stoney Creek New Brunswick today and has been there for at least two months. Contact Explorations have had a huge work program on that oil field. They drilled two directional wells this year and have two service rigs working for months to work up those two plus three other modern exisiting wells. From there they are working at least 30 plus older wells to plug and abandon some and rework for production of others. They will run a production test very soon for all these wells. They have both oil and gas for production. From there I would think #59 has to go down to Springhill for Stealth Ventures to work up a couple of wells drilled there these past months or so,then on to Stellerton NS for a couple more. They night be able to run to NFLD for a month or so. How long is it required for the program there? Precision also has a drill rig here and has been working with Contact and Stealth for about six months. That rig is Precision #176. Other large action in the NB area is Corridor with 21 completed wells in a row with Nabors #4 and ready to build the pipeline to the Maritime Pipe right away. Corridor is also waiting for a second large rig to continuue and to go deeper. 10,s of millons spent in seismic there this year, two 3D's for Corridor about 30K square each and 50K of 2D. Contact has completed 90K of 2D near Stoney Creek a 28K square 3D last year. Right in between working very quietly is Petroworth Resources and they are doing a very large 2D right now as I see the Helicopters overhead. That 2D overlaps both Corridor's property to the south and Contacts to the north. They have a great lease there and they are oh so very quiet about the work that is going on. From the NB gov web site I see that Petroworth Resources have picked up the other half of the old Stoney Creek oil field next to Contact Explorations. Again they seem to be very quiet about these things as not posted on there new releases as yet. Lots of action in NB you may have to wait for a service rig unless its move over to NLFD for a few weeks and get back to work in NB and NS after. Drilling, frac jobs, seismic, new pipleines from gas fields, many, millions being spent from McCully field to Stoney Creek. Hope that helps.