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Key Assets in Alberta

Alberta

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

Cardium

Enterra has assembled more than 4,500 net acres in Alberta’s emerging Cardium oil play. Recent developments in horizontal drilling and multi-stage fracturing technology are assisting to develop and properly exploit this play. Up to twenty potential drilling locations have been identified so far; and we are constantly assessing the trend for additional potential and land acquisitions.

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 four to eight new development drilling opportunities which we plan to begin drilling during 2010. Internal estimates on these new wells show approximately 170 bbl/d of initial production and up to 180,000 bbl of reserves per well. In addition, significant potential lies in the Glauconite and Sunburst formations. At the end of 2009 Enterra was producing over 500 boe/d from this play.

Enhanced Resource Recovery

Enterra has several plays with potential for enhanced resource recovery. Combined, these pools account for approximately 1,900 boe/d of production as of the end of 2009. Internal estimates show up to 740,000 boe of reserves to Enterra’s interest for each addition al 1% recovery factor. Efficiency upgrades will reduce operating costs, while horizontal drilling and other enhanced oil recovery technologies can maintain base line production.

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.