In December 2007, Oilexco acquired the majority interests in the Balmoral Stirling and Glamis fields in Blocks 16/21a&b.  We are looking to drill additional wells in this area in 2008 to add to production and keep per barrel operating costs through the Balmoral FPV low.

Balmoral Field
We have a 78.2% working interest in the Balmoral field, which produces oil from the Paleocene Balmoral turbiditic sandstones.  Production at Balmoral commenced in 1986 and cumulative production to the end of 2007 was 114 million bbls. Average oil production for 2007 was approximately 1,700 bbls/d.

Glamis Field
We have an 85% working interest in the Glamis field which produces a small amount of oil from the Jurassic Piper sandstones.  Cumulative production to the end of 2007 was 19 million bbls since beginning in 1989.  Average oil production during 2007 was approximately 186 bbls/d. 

Stirling Field
We have a 68.7% working interest in the Stirling field which produces oil from a fractured Devonian formation.  Cumulative production to the end of 2007 was 2.7 million bbls since beginning in 1994.