CALGARY, March 8 /CNW/ - Bow Valley Energy Ltd. (TSX - BVX) is pleased to
announce that its wholly owned subsidiary, Bow Valley Alaska Corporation has
acquired a 20% working interest in 126,990 gross acres of mineral rights on
the North Slope of Alaska.
Bow Valley, with a 20% interest, together with its partnership group
consisting of Alaska Venture Capital Group, LLC and its operating subsidiary
Brooks Range Petroleum Corporation, TG World Energy Inc., and Ramshorn
Investments, Inc., (collectively the "BRPC Group") acquired the majority of
acreage held by the Bachner-Forsgren-Feddersen group ("Bachner") on the North
Slope of Alaska.
The areal extent of the leases acquired is 126,990 gross acres, and
represents a 70% increase in the total acreage currently held by the BRPC
Group. The acreage was originally acquired by Bachner in state of Alaska
Areawide lease sales over the past few years. The acreage acquired is
principally in four key areas on the North Slope:
1) Gwydyr Bay Area: 5,115 acres east of the Milne Point Unit and
surrounded on three sides by the BRPC Group's leaseholdings where the
BRPC Group is conducting an exploration program this winter season.
This exploration program includes two exploration wells and a 3D
2) Colville Delta Area: 11,472 acres west of the Kuparuk River Unit,
adjacent to the northwest corner of the BRPC Group Titania
3) Pt. Thomson Area: 96,000 acres south of the terminated Pt. Thomson
Unit, west of the Arctic National Wildlife Refuge ("ANWR"), and east
of the BRPC Group Slugger leaseholdings. The Yukon Gold No.1 and Red
Dog No.1 wells, both encountered oil shows, were drilled on
this block of leases.
4) Camden Bay Area: 14,403 acres surrounding the ARCO Stinson No.1 well
which was drilled in 1990, certified capable of producing, and granted
extended well data confidentiality because of its proximity to un-
leased acreage within the ANWR.
The BRPC Group paid an undisclosed sum of cash for the acreage, and
Bachner will maintain an undisclosed overriding royalty interest in the
R.G. Moffat, President and Chief Executive Officer of Bow Valley stated,
"The acquisition of these exploration leases adds considerably to Bow Valley's
prospect inventory and ability to continue on a multi-well, multi-year
exploration program. After this transaction closes and leases are issued from
the October 2006 Areawide Sale, the BRPC Group will hold a total of
approximately 307,000 gross acres. The new leases are within close proximity
to the Company's current operations, satellite to some of the largest
oilfields in North America, and represent one of the largest leased blocks
contiguous to the Arctic National Wildlife Reserve (ANWR). We believe the
leases contain excellent prospectivity and growth potential for the Company".
Updating other BRPC Group activity in Alaska, the geophysical contractor
has begun to acquire data on the 130 square mile North Shore 3D seismic survey
with operations scheduled to be complete by March 31, 2007. This survey will
provide valuable coverage over the BRPC Group's acreage position in the Gwydyr
Bay area. Drilling of the Northshore No.1 exploration well is anticipated to
reach total depth over the next few weeks.
Bow Valley Energy Ltd. is an oil and natural gas exploration, development
and production company with operations in western Canada, the U.K. sector of
the North Sea and the North Slope of Alaska. The common shares of the Company
trade on the Toronto Stock Exchange under the symbol BVX.
Additional information relating to Bow Valley may be found on the SEDAR
website at www.sedar.com.
Certain statements included or incorporated by reference in this news
release constitute forward-looking statements or forward-looking information
under applicable securities legislation. Forward-looking statements or
information typically contain statements with words such as "anticipate",
"believe", "expect", "plan", "intend", "estimate", "propose", or similar words
suggesting future outcomes or statements regarding an outlook. Although the
Company believes that the expectations reflected in such forward-looking
statements or information are reasonable, undue reliance should not be placed
on forward-looking statements because the Company can give no assurance that
such expectations will prove to be correct. Forward-looking statements or
information are based on current expectations, estimates and projections that
involve a number of risks and uncertainties which could cause actual results
to differ materially from those anticipated by the Company and described in
the forward-looking statements or information. The forward-looking statements
or information contained in this news release are made as of the date hereof
and the Company undertakes no obligation to update publicly or revise any
forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws. The forward looking statements or information contained in
this news release are expressly qualified by this cautionary statement.
For further information:
For further information: Bow Valley Energy Ltd.: Robert G. Moffat,
President and Chief Executive Officer, Matthew L. Janisch, Vice President
Finance & Chief Financial Officer, Phone (403) 232-0292, website: