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Assets in Alberta

Alberta

Western Alberta

In western Alberta, Enterra’s properties range from deep, high-rate foothills sour gas wells at Ricinus to mid-depth oil wells at Clair and Princess in central and eastern Alberta.

Clair
The Clair property is located 7 miles north of Grande Prairie, Alberta. Enterra’s assets include a 100 percent working interest in 3,040 acres of land, 25 producing wells, seven injection wells and an oil treating facility.

At December 31, 2008 production was 425 bbl/d of light oil and 490 mcf/d of raw solution gas on a working interest basis before royalties. Enterra’s technical team has initiated several studies to optimize the efficiency of the water flood and to extend the pool boundaries. The recommendations from this work will be implemented in 2009 or 2010.

Ricinus
Ricinus is located in the Rocky Mountain foothills, 80 miles northwest of Calgary. Enterra is 45 percent owner of a deep high-rate Leduc reef sour gas well that has steady gross raw gas production of 10 mmcf/d (approximately 2.7 mmcf/d net sales gas to Enterra). After evaluating our 3D seismic information over the reef, in 2008, Enterra with its working interest partner drilled an additional well which is currently under evaluation. Timing of this development is dependent on the results of the evaluation and with consideration of the impact of the Alberta Government final Deep Gas Royalty Regime and other incentives.

Eastern Alberta

Provost-Alliance-Wainwright, Alberta
The Provost-Alliance-Wainwright producing area is located near Provost, Alberta. Major areas within the package are Alliance, Sounding Lake, Soapy Lake, Halkirk, Monitor, Provost Cummings Y Unit and Wainwright. Enterra has more than 250 producing oil and gas wells in this area.

Average production for December 2008 was 1,155 bbl/d of oil and NGL and 1.3 mmcf/d of gas on a working interest basis before royalties. To increase production and lower operating costs in this area, Enterra is working on optimizing the well pumping systems and upgrading or consolidating oil batteries to handle higher volumes of total fluid and injection water. Solution gas is currently conserved at most of the oil batteries.

While these pools are mature, detailed geologic and engineering studies have identified significant potential for increases in both production and reserves through more efficient secondary recovery and exploitation of bypassed pay zones. A number of drilling locations and recompletion opportunities have been identified. These studies are ongoing and will be put into practice in 2009 or 2010 depending to some degree on recovery of oil prices in this relatively high operating cost area.

Princess
Princess is located 100 miles southeast of Calgary. The primary production is medium crude oil from the reefal carbonate Pekisko formation. Much of Enterra’s land is covered by 3D seismic, and detailed geological and geophysical studies have outlined new development drilling opportunities which we plan to drill during 2009 and 2010. In addition, significant potential lies in the Glauconite and Sunburst formations. At year end 2008, Enterra had 23 wells in the Princess area and produced 390 bbl/d of crude oil and NGL and 655 mcf/d of natural gas.