Alberta

AEC, Epic Units Part Ways on WA Storage Project

Vancouver-based Epic Oil and Gas Ltd. said Thursday that AEC Storage and Hub Services Inc., a subsidiary of Alberta Energy Co. Ltd., has given notice to Epic’s U.S. subsidiaries Rival Resources Inc. and American Safari Resources Inc. that it is terminating its letter of agreement on the Birch Bay Gas Storage Project in northwest Washington State.

December 14, 2001

Analysts: Weaker E&P Earnings Lead to More Production Reductions

Weak natural gas prices in the third quarter have so far moved Alberta Energy Co. Ltd. to escalate a maintenance program and reduce its produced gas volumes by about 50 MMcf/d. Dominion and Occidental Petroleum Corp. also reported their third quarter earnings last week, and like many of their peers, both had slight production declines.

October 22, 2001

Analysts: Weaker E&P Earnings Lead to More Production Reductions

Weak natural gas prices in the third quarter have so far moved Alberta Energy Co. Ltd. to escalate a maintenance program and reduce its produced gas volumes by about 50 MMcf/d. At Burlington Resources Inc., total third quarter production actually increased 2%, but analysts noted on Thursday that the Houston-based producer probably will be an exception to the rule for the next three quarters — as producers face the likelihood of lower earnings until energy prices rebound.

October 19, 2001

Industry Briefs

Calgary-based Canoro Resources Ltd. has acquired a working interest in two gas properties and 15,000 additional acres in the Chambers area of western Alberta from Rosetta Exploration Inc. for approximately $1 million. Following this transaction, the company said it sold a portion of its working interest to Aurado Exploration Ltd. Canoro said the properties include two producing gas wells, with an additional zone completion planned. The company’s net interest in the wells is 4% and 3.5% respectively. An independent engineering report indicated that Canoro’s interest in the producing wells will generate average annual cash flow of $200,000. The balance of the purchase price will be paid out of a portion of monthly cash flow from the properties.

August 13, 2001

Canadian Superior Sells Waterton Assets, Bashes Canadian 88

Calgary-based Canadian Superior Energy Inc. has sold its 10% interest in its Waterton area assets in the foothills of southwest Alberta to Hunt Oil Co. of Canada for C$18 million. The assets averaged approximately 2.5 MMcf/d in the past year and include a 10% working interest in 50,000 gross acres of undeveloped land.

June 6, 2001

AEC Sees Strong Earnings, Production Growth

Alberta Energy Company (AEC) reported rapid gas production growth last week and record earnings. The company is on the fast track to becoming one of the largest gas companies in North America. Within the last year, AEC’s gas production has increased by nearly 500 MMcf/d and new drilling prospects are expected to continue that growth.

April 23, 2001

AEC Sees Strong Earnings, Production Growth

Alberta Energy Company is on the fast track to becoming one of the largest gas companies in North America. Within the last year the company’s gas production has increased by nearly 500 MMcf/d and new drilling prospects are expected to continue that rapid growth.

April 19, 2001

Wild Goose Storage Considers Tripling Capacity

Alberta Energy’s Wild Goose Storage subsidiary in California is considering a major expansion that could nearly triple the size of its natural gas storage facility in Butte County, near Gridley, CA. The company has launched an open season for customer sign-ups that will run until May 22.

April 16, 2001

Wild Goose Storage Considers Tripling Capacity

Alberta Energy’s Wild Goose Storage subsidiary in California is considering a major expansion that could nearly triple the size of its natural gas storage facility in Butte County, near Gridley, CA. The company has launched an open season for customer sign-ups that will run until May 22.

April 12, 2001

AEC Skyrockets Off the Charts in 2000

Alberta Energy Co. Ltd. , one of North America’s largestindependents, turned in a stellar performance in 2000, doublingcash flow and recording net earnings up five-fold, at the same timeit positioned itself for future gains, adding reserves equal to458% of production.

February 26, 2001