U.K.

Bow Valley sees the competitive environment in the North Sea as similar to that of western Canada 25 years ago. Super Major integrated oil companies continue to own the majority of reserves and exploration licenses in the area but have dramatically reduced exploration as the basin has matured. Over the years a significant number of smaller pools have been discovered but many have remained undeveloped because they didn't meet the commercial hurdles of, and/or are not material to, these larger producers. This has created an opportunity for smaller independent North Sea producers like Bow Valley Energy.