Bow Valley has been following an organized, long-term strategy to establish the foundation for a growing and profitable international exploration and production company. This effort has created a reserve portfolio in the U.K. North Sea, with exploration opportunities in both the U.K. North Sea and the North Slope of Alaska.

Our initial steps have been methodical and deliberate, and the effort is gaining momentum as development projects in the U.K. are expected to increase production volumes towards 10,000 boe per day by 2008. Exploration success in either the U.K. North Sea or the North Slope of Alaska could add material production growth beyond 2008.

A summary of the Bow Valley's oil and natural gas reserves and the net present values of future net revenue is available in the Company's Annual Information Form.