Pegasus Oil & Gas Inc. Announces Financial, Reserve and Operating Results for the Seven Month Period ended December 31, 2006



    (Stock Symbol "POG.A & POG.B" - TSX Venture Exchange)

    CALGARY, April 17 /CNW/ - Pegasus Oil & Gas Inc. ("Pegasus" or the
"Company") advises today that it has filed its audited financial statements
and related management's discussion and analysis ("MD&A") for the seven month
period ended December 31, 2006 on www.pegasusoilgas.com and www.sedar.com.
Certain selected financial and operational information for the seven month
period ended December 31, 2006 and the year ended May 31, 2006 is set out
below and should be read in conjunction with Pegasus' audited financial
statements and related MD&A.
    Pegasus is pleased to report to our shareholders that during the first
seven months of operation the Company launched an aggressive drilling program
that will carry on through 2007 and beyond. Two accretive acquisitions
provided Pegasus with a large inventory of low to medium risk exploration and
development drilling opportunities that resulted in a very successful start to
our drilling program with superior finding and development costs.

    ACCOMPLISHMENTS

    
    Significant objectives achieved in the first seven months of operation
include:

    -   Founders of Pegasus assembled the core management team of Mustang
        Resources Inc. and added skilled people in key positions to form an
        experienced technical team and Board of Directors.

    -   Management and Directors are fully engaged in the success of Pegasus
        owning approximately 35% of the fully diluted Class A shares.

    -   Successful closing of the Company's Plan of Arrangement on June 23,
        2006 allowed Pegasus to raise proceeds of approximately $12 million
        and acquire initial production of approximately 130 boe/d.

    -   On June 29, 2006, the Class A and Class B Shares were listed for
        trading on the TSX Venture Exchange under the symbols POG.A and
        POG.B.

    -   Pegasus started off with approximately $16 million of tax pools and
        non-capital losses.

    -   Gained access to over 500 square miles of 3D seismic data in
        Pegasus' Central Alberta and Peace River Arch core areas.

    -   Closed an $18 million subscription receipt bought deal financing on
        October 11, 2006.

    -   Acquired production of approximately 150 boe/d and 40,950 net acres
        of undeveloped land in Central Alberta for approximately
        $13.1 million on November 1, 2006. In excess of 20 development,
        stepout and lower risk exploration drilling locations have been
        identified.

    -   Assembled a large 97,000 undeveloped acre land block (farm-in/option
        and acquired land) in Pegasus' core areas.

    -   Drilled 17 gross (8.0 net) wells during 2006 with an 87% success
        ratio.

    -   Exited the year with 1,356,000 boe proved and 2,011,000 boe proved
        plus probable reserves.

    -   Proved and probable finding and development costs for 2006 were
        $14.67/boe ($20.66/proved boe) including future capital costs.

    -   Year-end production rate of 275 boe/d with an additional 170 boe/d
        behind pipe.

    -   Pegasus ended the year with approximately $45 million of tax pools.

    -   Identified several high-impact drilling opportunities on the 3-D
        seismic database and have acquired land over these prospects with
        plans to drill 2-4 exploration wells in 2007.

    -   Announced a $30 million 2007 capital budget, which includes the
        drilling of 22 gross (16.0 net) wells.


    Corporate Highlights

    -------------------------------------------------------------------------
                                  Three months   Seven months  Twelve months
                                         ended          ended          ended
                                   December 31,   December 31,        May 31,
                                          2006           2006           2006
                                                      (note 1)
    ------------------------------------------------------------------------
    Financial ($000s except
     per share amount)
    Petroleum and natural gas sales        872          1,177              -
    Cash flow (deficit) from
     operations (note 2)                   141           (144)          (116)
      Per basic share                     0.01          (0.01)         (0.05)
      Per diluted share                   0.01          (0.01)         (0.05)
    Net loss                              (606)        (1,383)          (584)
      Per basic share                    (0.03)         (0.08)         (0.23)
      Per diluted share                  (0.03)         (0.08)         (0.23)
    Capital expenditures                18,472         23,011            132
    Working capital                      2,127          2,127             48
    Shareholders' equity
     (deficiency)                       30,715         30,715           (372)
    Shares outstanding
      Class A                           20,190         20,190              -
      Class B                            1,012          1,012              -
      Common                                 -              -          3,498
      Options                            2,120          2,120              -
      Warrants                               -              -            109
    Basic and diluted shares
     (weighted) (note 3)                22,777         16,996          2,488

    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    Operating
    Average daily production
      Natural gas (mcf/d)                1,122            718              -
      Crude oil (bbls/d)                     1              1              -
      NGLs (bbls/d)                         22             10              -
      Barrels of oil equivalent (boe/d)
       (note 4)                            210            131              -
    Average selling price
      Natural gas ($/mcf)                 7.34           6.82              -
      Crude oil ($/bbl)                  49.88          54.60              -
      NGLs ($/bbl)                       54.55          53.94              -
      BOE ($/bbl)                        45.15          42.04
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    Note 1:  The Company changed its year-end from May 31 to December 31.
    Note 2:  Management uses cash flow from operating activities (before
             changes in non-cash working capital) to analyze operating
             performance leverage. Cash flow from operations as presented
             does not have any standardized meaning prescribed by Canadian
             GAAP and therefore it may not be comparable with the calculation
             of similar measures for other entities.
    Note 3:  Class B share conversion: December 31, 2006 @ $2.84/share.
    Note 4:  References in this report to boe refer to barrel of oil
             equivalent whereby natural gas volumes have been converted at a
             rate of 6 thousand cubic feet of natural gas to 1 barrel of oil.
    

    During the seven month period ended December 31, 2006, Pegasus (formally
NDT Energy Ltd.) was positioning itself to become a full cycle operating
public oil and gas company. For the twelve month comparative period ended May
31, 2006, results of operations were from mining exploration, an unrelated
business from the sector that the Company currently operates in. As part of
the Plan of Arrangement, the Company made its initial acquisition of oil and
gas production on June 23, 2006.

    RESERVES

    The December 31, 2006 GLJ Petroleum Consultants ("GLJ") evaluation was
prepared utilizing the methodology and definitions as set out under National
Instrument 51-101 ("NI 51-101"). The year-end reserves for 2006 presented
herein include the total Company's working interests before deduction of
royalties and use forecast price and cost assumptions. Where volumes are
expressed on a barrel of oil equivalent ("boe") basis, gas volumes have been
converted to boe at 6,000 cubic feet per barrel (6 mcf/bbl).
    The reserve data provided in this release only represents a portion of
the disclosure required under NI 51-101. Additional disclosure will be
provided in the Company's Annual Information Form filed at www.sedar.com on or
before April 30, 2007.
    Pegasus has a reserve committee of independent board members, which
reviews the qualifications and appointment of the independent reserve
evaluators. The committee also reviews the processes and technical data used
to determine the reserves booked.
    Based on the year-end 2006 reserve report, Pegasus added 719 mboe proven
boe and 1,173 mboe proven plus probable reserves through its drilling program.

    
    -------------------------------------------------------------------------
                  Summary of Total Company Interest Oil and
            Natural Gas Reserves(1)(2)(3) as of December 31, 2006
                          Forecast Prices and Costs
    -------------------------------------------------------------------------
                                                                       Oil
                                               Oil & NGL    Gas    Equivalent
                                               (mbbls)     (mmcf)     (mboe)
    -------------------------------------------------------------------------
    Proved
    -------------------------------------------------------------------------
      Developed Producing                           90      3,599        690
      Developed Non-producing                       54      1,093        236
      Undeveloped                                   37      2,359        430
    -------------------------------------------------------------------------
    Total Proved                                   182      7,051      1,356

    Probable                                        84      3,422        654
    -------------------------------------------------------------------------

    Proved plus Probable                           265     10,473      2,011
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
         Reconciliation of Total Company Interest Reserves(1)(2)(3)
    -------------------------------------------------------------------------
                   Oil & NGL            Natural Gas      Total Oil Equivalent
    -------------------------------------------------------------------------
                          Proved                Proved                Proved
                            plus                  plus                  plus
               Proved   Probable     Proved   Probable     Proved   Probable
               (mbbls)    (mbbls)    (mbbls)    (mbbls)    (mbbls)    (mbbls)
    Opening
     Balance        -          -          -          -          -          -
    Discoveries    31         50        914      1,490        184        299
    Extensions     79        122      2,733      4,511        535        874
    Improved
     Recovery       -          -          1          2          -          -
    Acquisitions   73         96      3,556      4,624        666        866
    Production     (2)        (2)      (154)      (154)       (28)       (28)
    -------------------------------------------------------------------------
    December 31,
     2006         182        265      7,051     10,473      1,356      2,011
    -------------------------------------------------------------------------
    (1) Based on Pegasus' total company interest (operated and non-operated)
        share before deduction of royalties payable to others but including
        royalty interests of Pegasus.
    (2) As Pegasus did not commence its oil and gas activities until the Plan
        of Arrangement closed on June 23, 2006, there are no comparable
        figures for the prior period.
    (3) Due to rounding, some columns may not add precisely.
    

    NET PRESENT VALUE OF RESERVES - FORECAST PRICES AND COSTS

    Pegasus' reserves were evaluated using GLJ's Price Forecast effective
December 31, 2006 and are prior to any provision for income taxes, interest,
debt service charges and general and administrative expenses. It should not be
assumed that the discounted future net production revenues estimated herein
represent the fair market value of the reserves.

    
    -------------------------------------------------------------------------
    December 31, 2006(1)(2) - NET PRESENT VALUE OF RESERVES - FORECAST
    PRICES AND COSTS
                                             Discounted at
    -------------------------------------------------------------------------
                            0%         5%         8%         10%        12%
                          ($000s)    ($000s)    ($000s)    ($000s)    ($000s)
    -------------------------------------------------------------------------
    Proved
      Developed
       Producing          21,586     16,606     14,610     13,540     12,628
      Developed
       Non-producing       6,455      5,253      4,731      4,440      4,184
      Undeveloped          7,071      5,237      4,421      3,962      3,559
                         ----------------------------------------------------
    Total Proved          35,112     27,096     23,762     21,942     20,371

    Probable              19,350     11,487      8,935      7,705      6,730
                         ----------------------------------------------------
    Proved plus Probable  54,462     38,583     32,696     29,647     27,101
    -------------------------------------------------------------------------
    (1) As required by NI 51-101, undiscounted well abandonment costs of
        $629,000 for proved reserves and $855,000 for proved plus probable
        reserves are included in the net present value determination.
    (2) Due to rounding, some columns may not add precisely.
    

    CAPITAL EXPENDITURES

    Capital expenditures for the seven month period ended December 31, 2006
were $23 million compared to $132,258 of mining exploration costs that were
incurred for the twelve months ended May 31, 2006. During the seven month
period the Company drilled and cased 17 gross (8.0 net) wells. Pegasus also
acquired certain oil and gas assets in the Crossfield, Alberta area for
approximately $13.1 million. The Crossfield acquisition included production of
approximately 150 boe/d (80% natural gas) and 40,950 net acres of undeveloped
land in Central Alberta.

    
    -------------------------------------------------------------------------
                                                 December 31,
                                                    2006(1)     May 31, 2006
                                                  (7 months)      (12 months)
    -------------------------------------------------------------------------
    Drilling and intangibles                     $ 7,457,137     $         -
    Facilities and equipment                         528,984               -
    Land and seismic                               1,617,363               -
    Property acquisitions                         13,374,548               -
    Computer equipment and furniture                  33,225               -
    Mining exploration costs                               -         132,258
    -------------------------------------------------------------------------
    Total                                        $23,011,257     $   132,258
    -------------------------------------------------------------------------

    (1) The above capital expenditures do not include the non-cash business
        acquisition which was part of the June 23, 2006 Plan of Arrangement.
    

    BUSINESS ACQUISITION

    As part of the June 23, 2006 Plan of Arrangement, NDT Energy Ltd.
acquired all of the issued and outstanding shares of Pegasus Oil & Gas Inc.
The acquisition was accounted for as a business combination using the purchase
method and accordingly the financial statements include the results of
operations since the date of acquisition. The purchase price was allocated
based on the fair value of the assets acquired and liabilities assumed as
follows which includes transaction costs of approximately $167,000:

    
    Purchase consideration                                                 $
    -------------------------------------------------------------------------
    Fair value of shares issued
     (1,840,000 Class A shares at $2.50 per share)                 4,600,000
                                                                 ------------

    Allocated as follows:
    Property and equipment                                         7,720,154
    Promissory note assumed                                       (1,415,088)
    Working capital deficiency assumed                              (212,366)
    Asset retirement obligations                                  (1,492,700)
                                                                 ------------
                                                                   4,600,000
                                                                 ------------
    

    Pursuant to the Plan of Arrangement, Pegasus changed its name from
"Pegasus Oil & Gas Inc." to "Pegasus Resources Ltd." and NDT changed its name
from "NDT Energy Ltd." to "Pegasus Oil & Gas Inc." On August 1, 2006, Pegasus
Oil & Gas Inc. and Pegasus Resources Ltd. amalgamated to form Pegasus Oil &
Gas Inc.

    FINDING AND DEVELOPMENT COSTS

    NI 51-101 specifies how finding and development ("F&D") costs should be
calculated if they are reported. NI 51-101 requires that the exploration and
development costs incurred in the year along with the change in estimated
future development costs be aggregated and then divided by the applicable
reserve additions. The calculation excludes the effects of acquisitions and
dispositions on both reserves and costs.

    
                                                                       Total
    Capital Expenditures - 7 months ended                        Proved plus
    December 31, 2006                                  Proved(2)  Probable(2)
    -------------------------------------------------------------------------
    Capital costs ($thousands)
    Exploration & development drilling and
     associated costs                                     7,986        7,986
    Land and seismic                                      1,617        1,617
    Change in future development costs(1)                 5,233        7,588
    -------------------------------------------------------------------------
    Total                                                14,836       17,191
    -------------------------------------------------------------------------

    2006 Reserve Additions(2) (MBOE)
    -------------------------------------------------------------------------
    Exploration and development                             718        1,172
    -------------------------------------------------------------------------

    2006 Finding & Development Costs ($/BOE)
    -------------------------------------------------------------------------
    F & D costs                                           20.66        14.67
    F & D costs, excluding future capital                 13.37         8.19
    -------------------------------------------------------------------------
    (1) The aggregate of the exploration and development costs incurred in
        the most recent financial period and the change during that period in
        estimated future development costs generally will not reflect total
        finding and development costs related to reserve additions for that
        period.
    (2) Based on Pegasus' total company interest (operated and non-operated)
        share before deduction of royalties payable to others but including
        royalty interests of Pegasus.
    

    WELLS DRILLED

    For the seven month period ended December 31, 2006, the Company drilled
17 (8.0 net) wells resulting in 14 (5.6 net) gas wells, 1 (0.5 net) oil well,
1 (0.9 net) suspended well and 1 (1.0) dry and abandoned well. The 2006
drilling program resulted in an 87% success rate.

    DEBT

    Pegasus exited 2006 with a working capital surplus of $2.1 million. The
Company also has an undrawn credit facility for $6 million.

    UNDEVELOPED LAND

    The Company's undeveloped lands were evaluated independently by
Seaton-Jordan & Associates Ltd.

    
    -------------------------------------------------------------------------
                                                     As at December 31, 2006
    -------------------------------------------------------------------------
    Gross acres                                                      105,425
    Net acres                                                         50,804
    Average working interest                                             48%
    Value                                                        $11,311,117
    -------------------------------------------------------------------------
    

    For the seven month period ended December 31, 2006, Pegasus spent
$654,640 on undeveloped land acreage plus the property acquisitions made at
Crossfield, Hines Creek, Chigwell and Sunrise. Of the undeveloped land
position at December 31, 2006 approximately 60,457 gross (30,228 net) acres
will expire in 2007 at Crossfield.

    REVIEW OF OPERATIONS

    Central Alberta Core Area
    -------------------------

    Crossfield
    ----------

    On November 1, 2006, Pegasus acquired 150 boe/d of production and
40,950 net acres of undeveloped land for approximately $13.1 million.
    The Crossfield Basal Quartz pool is a large, 375 - 425 BCF OGIP Basal
Quartz gas pool. The reservoir is deposited at a depth of approximately
2,100 meters with current recoveries of only 54 to 66% of the OGIP. Producing
wells average 2 BCF of reserves.
    Pegasus purchased a small working interest in all of the producing wells,
pipeline infrastructure and facilities as well as a 50% ownership in
approximately 82,000 gross acres of undeveloped land. The Company also
committed to drill 8 gross (5.6 net) wells on the undeveloped land. We have
further accessed additional lands and have purchased rights in Crown land
sales. The first two commitment wells at 4-30-28-27 W4M (50% W.I.) and
15-6-28-27 W4M (95% W.I.) have been drilled and cased.
    Pegasus believes that the Crossfield asset can add significant production
and reserves at attractive metrics. To date, the technical team has identified
over 20 drilling locations that are both development and lower risk
exploration prospects. Crossfield will be a long term project that will add
long reserve life and liquid rich natural gas production to the Company.

    Cygnet
    ------

    The Cygnet property is a farm-in to 6,000 net acres of undeveloped land.
Pegasus drilled and cased 2 gross (1.2 net) wells on this property in 2006.
The first well at 10-7-38-28 W4M (60% W.I.) encountered a 6 meter Glauconite
channel that AOF'd at 2 mmcf/d. The 10-7 is currently producing 1.0 mmcf/d
(gross). Pegasus is currently debottlenecking the pipeline infrastructure to
increase deliverability from this well.
    The second well, at 3-21-38-28 W4M (60% W.I.), had a successful test in
both the Viking and the Edmonton sands and should produce at approximately
700 mcf/d (gross) when tied-in. Production from this well is expected near the
end of the second quarter. Two (1.0 net) additional Mannville wells are
currently being licensed with drilling to commence in the second quarter of
2007.

    Chigwell
    --------

    The Chigwell property is currently producing approximately 40 boe/d net
to Pegasus. The Company has a farm-in on 9,000 net acres of undeveloped land
in the area. To date Pegasus has cased 12 wells (3.6 net) in the Belly River
and Horseshoe Canyon formations. The Horseshoe Canyon in this area is in the
top 10% of production rates of all Horseshoe Canyon wells in Alberta. A
typical well produces at 150 - 250 mcf/d making this an economically viable
project area. This property will continue to grow at a measured pace as
Pegasus continues to acquire and access lands in the area.

    Central Alberta 3-D Seismic Database
    ------------------------------------

    Pegasus has access to a 150 square mile 3-D seismic dataset in Central
Alberta. The 3-D seismic is located adjacent to significant Devonian oil and
gas pools, as well as considerable Cretaceous accumulations. This entire data
set was reprocessed in 2006 and interpretation is ongoing. Pegasus anticipates
drilling a significant Devonian feature in the second half of 2007 on acquired
lands. A focused land strategy with geological and geophysical interpretation
continues in this area.

    Peace River Arch Core Area
    --------------------------

    This area includes the Sinclair, White Court, Cecil and Sunrise
properties. The Company has access to a 350 square mile 3-D seismic dataset.
In 2006 and the first quarter of 2007, Pegasus drilled and cased
3 (2.4 net) wells.

    Cecil
    -----

    Pegasus drilled and successfully completed a tri-lateral horizontal well
(36.25% W.I.) into the Charlie Lake Formation in November 2006. The well is
producing 40 boe/d (net) and currently being optimized. The technical team is
assessing other opportunities within this area.

    Whitecourt
    ----------

    The Whitecourt area is a new exploration area for Pegasus. The Company
purchased four sections of land and has subsequently farmed out 2 locations to
an industry partner. These wells (55% and 40% W.I.) have been drilled and
cased and are currently being tested. This Cretaceous play extends over a
broader area and Pegasus is actively pursuing other exploration leads.

    Peace River Arch 3-D Seismic Database
    -------------------------------------

    Pegasus has access to over 350 square miles of recently shot 3-D seismic
data in the Sinclair and Kelly Lakes area of Alberta and Northeast BC. This
area has many prolific producing zones including Paddy, Dunvegan, Falher and
the Doig. Pegasus reprocessed this data set in 2006 and interpretation is
presently ongoing. In early 2007, Pegasus entered into an 11-section farm-in
and committed to drill a 3,200-meter Doig test. The well is expected to be
spud in the summer of 2007. The seismic anomaly that Pegasus is drilling is
proximal to a large established Doig pool, as well as other recently announced
Doig gas accumulations in this area. Pegasus believes continued interpretation
of the 3-D seismic will generate additional high-impact prospects for the
Company.

    OUTLOOK

    The strategy of acquiring small producing assets with large undeveloped
land to gain access to drilling opportunities worked very well in 2006. During
our first 7 months of operation, all of our drilling was a result of the two
acquisitions made during 2006. Pegasus increased the acquired reserve base of
866 mboe to 2,011 mboe through the drilling of lands acquired or farmed into
through these two acquisitions and completed this drilling program with
superior F & D costs. As a result, Pegasus enters 2007 well positioned to
continue generating solid, sustainable per share growth for its shareholders.
Pegasus has assembled, along with the high net back and long life reserves
described above, approximately 50,000 net acres of undeveloped land that will
allow us to continue to add value through the drill bit.
    The Company has a Board approved capital budget of up to $30 million.
Included in the budget is approximately $23.2 for the drilling of 22 gross
(16 net) wells. To date in 2007, Pegasus has drilled 8 (4.9 net) wells, for a
100% success rate. In addition, the Company has successfully re-completed a
well bore resulting in a gas well (0.2 net). The Crossfield property will form
a major part of the drilling activities with half of the drilling budget
allocated to this property. Pegasus also plans to drill two to four
exploration wells on lands under its 3D seismic database which could have a
material impact on the Company.
    Current production is approximately 450 boe/d with another 150-250 boe/d
of behind pipe production. In addition, at Crossfield, the first two
(1.45 net) wells of an eight well program have been drilled and cased. The two
wells will be completed after break-up and no volumes for these two wells are
included in the above mentioned production numbers. Drilling of the remaining
six wells at Crossfield will commence immediately following break-up. Pegasus
expects to average between 700 to 900 boe/d (88% natural gas) of production
for 2007 with an exit rate of between 1,200 to 1,400 boe/d (88% natural gas).
    Pegasus will be investing further development, stepout and exploration
drilling in its core areas. The Company will continue to seek additional
production opportunities at reasonable costs, similar to the two accretive
acquisitions that it made in 2006. Through a continued focus and effective
management of our strategies and goals of drilling quality wells and acquiring
complementary assets, Pegasus believes it will continue to increase the
Company's reserves and production base on a per share basis.

    ANNUAL MEETING

    Pegasus' Annual Meeting is scheduled for 10:00 am on Tuesday, May 29,
2007 in the Barclay Room at the Bow Valley Conference Centre, 205 5th Avenue
SW, Calgary, Alberta.
    As referred to above, to view Pegasus' audited financial statements and
related MD&A for the seven month period ended December 31, 2006 and the year
ended May 31, 2006 please visit our web site at www.pegasusoilgas.com or
www.sedar.com. To the extent investors do not have access to the internet,
copies of the audited financials and related MD&A can be obtained on request
without charge by contacting Pegasus at (403)521-5282 or at 101 10th Street NW
Calgary, Alberta, T2N1V4.

    The Company currently has 20.19 million Class A and 1.012 million Class B
Shares outstanding.

    Forward-looking statements - this news release may contain
forward-looking statements about Pegasus' business based on the current
expectations of management. These statements are based on current expectations
that involve a number of risks and uncertainties, which could cause actual
results to differ from those anticipated. These risks include, but are not
limited to: the risks associated with the oil and gas industry (e.g.,
operational risks in development, exploration and production; delays or
changes in plans with respect to exploration or development projects or
capital expenditures; the uncertainty of reserve estimates; the uncertainty of
estimates and projections relating to production, costs and expenses, and
health, safety and environmental risks), commodity price and exchange rate
fluctuation, timing of regulatory approvals and uncertainties resulting from
potential delays or changes in plans with respect to exploration or
development projects or capital expenditures. The reader is cautioned that
assumptions used in the preparation of such information may prove to be
incorrect. Actual results achieved will vary from the information provided and
the variations may be material. There is no representation by Pegasus that
actual results achieved will be the same in whole or in part as those
indicated in the forward-looking statements. The reader is cautioned not to
place undue reliance on this forward-looking information.

    Note: Boe means barrel of oil equivalent on the basis of 1 boe to
6,000 cubic feet of natural gas. Boe's may be misleading, particularly if used
in isolation. A boe conversion ratio of 1 boe for 6,000 cubic feet of natural
gas is based on an energy equivalency conversion method primarily applicable
at the burner.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this release.
    %SEDAR: 00005637E




For further information:

For further information: Patrick Mills, President and Chief Executive
Officer, (403) 521-6307; Darcy Anderson, Chief Financial Officer, (403)
521-6302; Kevin Angus, Executive Vice President, (403) 521-6306

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