Pine Petroleum Ltd.

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Pine Petroleum Ltd. has retained Sayer Energy Advisors to sell varying interests in a significant acreage position in a gas prone area of northeastern British Columbia. The package includes one large block at Tenaka west of Adsett, in which Pine holds working interests and overriding royalty interests in four producing gas wells along with approximately 90,000 acres. Recent net production from Slave Point wells at Adsett/Tenaka has averaged approximately 533,000 cubic feet per day (158,000 cubic feet from royalty interests, 375,000 cubic feet from working interests). Operating income has averaged in excess of C$1.25 million annualized. North of Adsett/Tenaka, in the Poplar Hills and Kaska areas, Pine holds working interests and royalty interests in seven blocks of undeveloped land with more than 40,000 acres under lease or license. The company's block of 17 sections of 100% interest land at Poplar Hills is in the southern part of the Muskwa shale gas play in the Horn River Basin. North of Kaska, Pine holds minor working interests and royalty interests in 11,000 acres at Tattoo/Ootla. Also in northeastern British Columbia, Pine holds working interests ranging from 10% to 100% in a total of five sections of undeveloped land at Stoddart, Williston and Clarke Lake. The company also holds a working interest of 15% in 17 sections of undeveloped land in the Meadow Lake area of southwestern Saskatchewan. This land east of Cold Lake, Alberta, is prospective for shallow gas from Mannville sands. The bid due date is Oct. 9. Contact Alan Tambosso, 403-266-6133.