Published By NEWS COMMUNICATIONS since 1977 Weekender Saturday March 27, 2010

ilfield NEWSNYMEX OIL: US$80.16

-$0.32May delivery

NYMEX N. Gas: US$3.86-$0.12 per MMBTU

April delivery

FRIDAY PRICESBenchmark crude for May delivery fell 37-cents to $80.16 on the New York Mercantile Exchange in afternoon trading. In other Nymex trading in April contracts, heating oil rose 1 cents to settle at $2.08/gal while gasoline fell 1 cent to $2.21/gal. Natural gas dropped 12- cents to finish at $3.86 per 1,000 cubic feet. In London, Brent crude dropped 3-cents to $78.38 on the ICE Futures exchange.

OPE COMPLIANCE SEEN DECLININGOPEC oil output is likely to rise further after the group, seeing oil prices in its comfort zone and expecting demand to recover l a t e r t h i s y e a r , s h r u g g e d o f f overproduction by many members at a meeting last week. The Organization of the Petroleum Exporting Countries stuck to output quotas agreed in December 2008 at their meeting on March 17 in Vienna, even though members are already exceeding them as oil prices rally. Algeria's oil minister said the meeting did not discuss tighter adherence and the group's Secretary General Abdullah al-Badri said "we tried to push but not that much" on compliance, in contrast to officials' usual calls to tighten up. Compliance has been falling since April 2009 as most members except Gulf producers Saudi Arabia, the United Arab Emirates and Kuwait pump more barrels, allowing them the win-win of selling more crude without hurting prices. "As long as prices are high, leaks will continue," said Edward Morse , head o f g loba l commodities research at Credit Suisse. "I expect compliance to continue to deteriorate." "OPEC rulers will be saying 'why are we shutting anything in when prices are high and we need the money?'" he added. The Gulf producers have tolerated leakage as they see demand rising and the extra supply has not deflected oil from the $70-to-$80 a barrel range seen as preferable by Saudi Arabia and other members of the group. "Good demand, reliable supply, beautiful prices -- we are very happy," Saudi Arabian Oil Minister Ali al-Naimi said while in Vienna for OPEC's talks last week. "Everything is relative -- if there was no demand there would be no leakage," he said. Despite Naimi's confidence about demand, extra supply is not without its risks as the oil supply and demand balance is already in a small surplus, some analysts say. According to a Reuters poll, current OPEC output is likely to see the oil market in a surplus of 150,000 barrels per day this year, despite higher demand. The second quarter is typically the period of slowest demand. "When you look at any of the balances, the call on OPEC will not increase in 2010. If they maintain the same level of production, they will create a small build in stocks," said Christophe Barret, analyst at Credit Agricole. "If there is no rebound in demand, OPEC will have

problems. I was surprised they did not mention compliance." A further rise in OPEC output will leave Saudi Arabia, and

members with quotas pumped 26.8 million bpd of oil -- nearly 2 million bpd more than their target and just 53 percent

to a lesser extent other Gulf producers, firmly in the driving seat as others run short of unused capacity. In February, the 11

For Only $745,000 Okotoks, AB

30km to Calgary50km to Kananaskis

GREAT HOME on 3 acres

check it out atwww.welist.com #41814 or call 403-995-0811

434248 Clear Mountain Drive, SW of Okotoks

Million Dollar View

Welcome to the largest unit in the gated River Run complex.

4Bed, 4Bath C3410616 $985,000

ROSE WOLSTENHOLME, Royal LePage Foothills.

Please Call Julieanne 403-968-7278 for appt.

www.runningrose.com Virtual Tour: www.obeo.com/582290

EAU CLAIRECalgary, AB

FOR SALE

of cuts announced in December 2008 when recession was biting global demand hard. Reuters will publish its initial estimate for OPEC's March oil output next week. Many members are approaching full capacity now, with only Saudi Arabia, Kuwait and the United Arab Emirates having any real flexibility. Those three countries between them have 85 percent of global spare capacity, according to analysts at Barclays Capital. "At current price levels, most of the OPEC members will produce as much as possible, go even lower in compliance levels, and basically leave it to Saudi Arabia to manage the balance," said Ol iv ier Jakob at Petromatrix. Morse reckons there could be another 1 million bpd to come onto the market from OPEC this year. The U.S. Energy Information Administration expects OPEC supply to rise by 400,000 bpd this year to 29.50 million bpd. While OPEC expects demand for its oil to drop slightly by 40,000 bpd from 2009, some analysts take a more bullish view on demand and expect the Gulf three will step in should they feel prices need to be cooled down. "As demand recovers, OPEC will supply more," said Lawrence Eagles of JP Morgan. "OPEC will be ultimately forced to supply more by price than by their view of fundamentals, but at a much higher price than today," he added, referring to the Gulf three. "The market is going to tighten considerably at the end of the second quarter, and by early next year demand will be at record highs." Indeed, OPEC members may be happy to allow prices to climb beyond the $70-$80 mark for a while yet. "We'd expect OPEC's aspirations for prices to increase as the year progresses. OPEC haven't defined what they want as a ceiling. It's probably about $100 per barrel," said Barclays Capital analyst Amrita Sen.

ALBERTA INCREASES SUPPORTFOR CLEAN ENERGY PRODUCTION

To promote more clean energy production the Alberta government is expanding and extending an incentive program for producers of bioenergy products. Funding under the Bioenergy Producer Credit Program is extended for five years until 2016. The program will help Alberta meet its climate change targets by reducing emissions while also providing value-added opportunities and long-term stability to Alberta’s agriculture and forestry industries. The program provides incentives to develop a wide variety of bioenergy products including fuels, power and heat, which will support the Renewable Fuels Standard to be implemented in April 2011. Alberta’s current bioenergy program treats all ethanol equally. The extended program focuses on the great potential for second generat ion ethanol , which uses feedstocks like forestry, agricultural and municipal waste. Specifically, the program will encourage development of new technologies and facilities that use non-food crops, waste biomass or wood. “Extension of the Bioenergy Producer Credit Program in combination with the Renewable Fuels Standard positions Alberta as a leader in renewable and alternative energy,” said Minister of

Energy Ron Liepert. “Our $150 million investment to date in bioenergy has the potential to leverage up to $2 billion from the private sector. The program extension will help companies meet the March 31 application deadline for federal programs.” The Renewable Fue ls Standard establishes benchmarks for five per cent renewable alcohol in gasoline and two per cent renewable diesel in diesel fuel. As a result of this standard, production and consumption of renewable fuels in Alberta is expected to reduce greenhouse gas emissions by about one million tonnes annually. This is the equivalent of removing 200,000 cars from Alberta roads.

LIMITEDOVERSIGHT OF FRACTURING

BP, ConocoPhillips and Shell Oil Co. have provided Senate lawmakers with language to include in a pending climate change bill that essentially would block federal oversight of hydraulic fracturing, a technology that's key to the current natural gas drilling boom. The companies

US COMPANIES WANT

fractures, allowing the natural gas to flow more freely to the surface. Some environmentalists have raised concerns about the enormous amounts of water used in the process, and about possible chemical contamination of water supplies near fracturing sites. A copy of the proposal the Houston Chronicle received is labeled "Sense of the Senate Language," meaning it would be legally nonbinding. Rather, it is intended to give guidance to regulators regarding the true intent of a congressional action absent explicit mandates. Officials with the three companies declined to comment on their involvement with the bill, but BP spokesman Scott Dean said his company believes hydraulic fracturing has a safe track record. "We support disclosure of the contents of fracking fluids and are confident that the states can come up with disclosure rules that answer everyone's needs," Dean said. The Senate's request for input from BP, ConocoPhillips and Shell may bode well for natural gas industry interests. The House version of a

prepared the document, according to sources familiar with it, at the request of the Senate team that is drafting climate change law, which includes Sens. John Kerry, D-Mass., Lindsey Graham, R-S.C., and Joseph Lieberman, I-Conn. If incorporated into the climate change law, it would keep the Environmental Protection Agency from imposing regulations on fracturing, which is now regulated at the state level. The document recommends that states adopt standards for disclosing the contents of hydraulic fracturing chemicals "to health professionals or state agencies" in order to protect health or environmental safety but maintain "the confidentiality of trade secret information" in the fluids. It also encourages states to evaluate drilling practices to see if they comply with new American Petroleum Institute standards for well construction and integrity. Hydraulic fracturing involves drilling into a formation and injecting water mixed with sand and chemicals under high pressure. The mixture cracks open the shale while the sand holds open the

RECREATIONAL PROPERTY40x40 Lot with 38' Golden Falcon Presidential Series Park Model with Moorage. Wired Shed, Gated RV Park, 200 FT. Beach, Christina Lake B.C.

Asking $220,000

Call 250-364-2234 250-364-3821or email: ljbailey@telus.net

FOR SALECHRISTINA LAKE, B.C.

www.champlain-inn.comwww.habitationrealties.ns.ca

Peter (902) 532-5545

FISHING FROM YOUR BEACH!

FOR SALE, seasonal family business, rural Nova Scotia, 10 landscaped acres, modern 2 bedroom home, 23 room motel w/heated swimming pool.

FOR SALENOVA SCOTIA PROPERTY

One recreational property, so many options: hunting, fishing, hiking, dirt biking, snowmobiling, swimming, boating, nature watching, hobby farming, or just quiet relaxation. These 320 acres located in the Battle River Valley east of Red Deer, have it all. Modern home, heated shop, runway, cabin by the river, and many other new outbuildings compliment this beautiful piece of land with the Battle River running through it. $845,000

403-578-4473

RECREATIONAL PROPERTY FOR SALE

EAST OF RED DEER, AB

Oliver 'Wine Capital of Canada'Beautifully finished 4 br, 4 bath home, on 0.49 xeriscaped and acres. 80 plus feet on quiet 'Tuc-el-nuit' Lake. Open floor plan, open and covered concrete patios, Ideal for entertaining, 3 bay garage, central air, full u/g irrigation.

$890,000. (250) 498-4649www.quailsandcobb.ca

OKANAGAN WATERFRONT

FOR SALE

(250) 378-6665

FISHING FROM YOUR BEACH!

3 bedroom, 2 bathroom, A/C, 12 year old manufactured home on .5 acre on the river, incl. appls., 12'x16' shed. 5 hours to Vancouver, 7 hours to Edmonton. 66 Lodge Drive, Clearwater River, by mall

$219,000

FOR SALECLEARWATER, B.C.

(604) 929-5738

First Time Offered in 110 Years

16 PARCELS OF FEE SIMPLE

Ocean View and ocean frontage near Tofino, 617 forested acres including150 acres of old growth - $3.8 Million

FOR SALETOFINO

$539,000. MLS# E1010405

The best buy you will find for 40 Acres with farm status, which gives advantages in fuel costs etc, plus 28 acres leased hay land adding revenue each year. This lovely house has one bedroom upstairs, one bedroom on the main floor, and one bedroom downstairs. It has been completely remodeled with new siding, insulation, new steel roof, windows, doors, some new flooring, new bathrooms, new ceiling. Totally remodeled inside and out. A large heated finished shop with 220 wiring and water installed, (new metal siding is on site to be installed) 3 other outbuildings. Hay shed with 220 power and summer water lines throughout the property. Large 24x26 attached garage, 14x20 cedar deck, and a 190 foot drilled well with drinking water.

Devonshire (The Park) Inc.

53270 RR 212(EAST ON YELLOWHEAD - NORTH 1/4 TO 212)

REDUCED TO

$539,000

780-808-2233

Reinhart Industrial Park

Lloydminster/Fort McMurray, AB

We're the Building & Land People

INDUSTRIAL BUILDINGSLAND FOR LEASE

BUILD TO SUIT

Long/Short Term LeasesVarious Sizes

Very Large YardsNew Building

Space Available

BUILDING/SHOP5600 sq. ft. approx. 75' frontage by 125', 2 stry., bsmt., 3700 sq. ft., 3

overhead doors, industrial entr., living space, office space, workshop, storage space, 5 add adj. empty lots avail. 20 min from the Rocanville Potash Mine.

Open to Offers!!!

St. Lazare, MBFOR SALE

204-821-5074 Cellor 204-683-2557

JACYNTHE@MTS.NET

C24581

Family owned Company withsizeable land position ingrowing community inCanadian Maritimes.

www.donaldmmaclean.com/home

Land / Company For Sale

Please see:

for details

INDUSTRIAL & COMMERCIALSERVICED LOTS FOR SALE

Fort McMurray

780 799-4074

Ready to build lots

on Hwy 63

www.TaigaNova.com

"Only official desert country in Canada"

Bus/Per. Rotating 1/4 fractional, fully furnished suite; partial view of lake & vineyard; 4.5 star resort with all amen. 18 hole golf.

$69,000 o.b.o 250-494-3446

FOR SALEOSOYOOS B.C.

climate change bill passed last spring was widely seen as favorable to the coal mining and power industry while giving no support to the domestic natural gas industry. In part because of that, BP and ConocoPhillips in February withdrew from the U.S. Climate Action Partnership, an alliance of businesses and environmental groups that has pushed legislation aimed at reducing greenhouse gas emissions believed to contribute to climate change. At the time BP and ConocoPhillips officials said they would be better positioned to shape climate legislation independently than through the partnership. For example, BP and ConocoPhillips have persuaded the Senate to consider a carbon fee on jet and automotive fuels in its climate change bill as an alternative to the cap-and-trade system included in the House bill. Cap and trade would place limits on carbon emissions and create a market for purchase and sale of emissions permits. But the Senate's request for industry input on hydraulic fracturing doesn't mean industry's language limiting EPA oversight will make it into the climate bill. Senate staffers have drafted their own version that pushes for more federal involvement. That text refers to fracturing as "a critical process," but it says federal and state governments "should partner to ensure that hydraulic fracturing is done in

a safe and responsible manner" without duplicating efforts. The federal government would ensure states have the regulatory capacity to manage increased shale gas development and could provide block grant funding to assist with environmental regulatory staffing and monitoring. Other parts of the document involve making disclosure of fracturing fluids more public; developing water recycling efforts; and encouraging the use of high standards for well bore casing techniques.

CRESCENT POINT REJECTS OFFERCrescent Point Energy Corp. says it has been notified of a "mini-tender" offer by TRC Capital Corporation to purchase up to 2,000,000 common shares of Crescent Point Energy Corp., which in aggregate represents approximately 1 percent of Crescent Point's outstanding shares. Crescent Point cautions holders of its common shares that TRC's unsolicited mini-tender offer of $37.00 per share was approximately 4.3 percent below the $38.65 per share closing price of Crescent

Point's common shares on March 9, 2010, the day before the mini-tender offer was commenced, and approximately five percent below the $38.95 per common share closing price of Crescent Point's common shares on March 19, 2010. Crescent Point recommends against tendering shares in response to this unsolicited below market offer. Crescent Point does not in any way recommend or endorse the TRC Capital Corporation mini-tender offer, and Crescent Point is in no way associated with TRC Capital Corporation, the mini-tender offer or the offer documentation. TRC Capital has a history of making mini-tender offers for the shares of other companies for its profit. These offers are devised to seek less than five percent of a company's outstanding shares, thereby avoiding many procedural and disclosure requirements under Canadian and U.S. securities laws because they are below the threshold to provide such disclosure and procedural protections for investors. Securities

regulators in Canada and the United States have recommended that shareholders exercise caution in connection with mini-tender offers and that they consult their investment advisors regarding these types of offers. The Securities and Exchange Commission has issued an investor alert regarding these mini-tender offers, noting that, "Some bidders make mini-tender offers at below market prices, hoping that they will catch investors off guard if the investors do not compare the offer price to the current market price." Holders of Crescent Point common shares who have already tendered are advised that they may withdraw their shares by providing the written notice described in the TRC Capital Corporation offering documents prior to the expiration of the offer currently scheduled for 5 p.m. EST on April 8, 2010. According to TRC's offer documents, shares that are tendered but not

OKANAGAN LIFESTYLE FOR SALE

Contact: (250) 769 4970 or email: h.mueller@shaw.ca

www.sunrisevinyard.com

18.3 acre vineyard with 2 houses, tunnel to cellar. Future winery.

A MUST SEE!. Make us an offer!

Kelowna, B.C.FOR SALE

Horse Enthusiasts77 Acres, 25 minutes east of Edmonton1/2 mile oval track1056 sq. ft. homeBarn - 52'x32' with 6 box stallsMeeting room52'x32' machine shed contains 1 bdrm suiteQuonset 35'x100' - could be riding arenaFenced paddocks

Seller anxious - will carry portion to right party

Phone Bill Bast, Country Side Realty

1-780-499-1133

withdrawn prior to the expiration date of the offer may not be withdrawn for a period of 10 days following the expiration of the offer on April 8, 2010, even if TRC Capital does not accept the shares for payment.

FLINT LAUNCHES NEWJOINT VENTURE COMPANY

Flint Energy Services Ltd. of Alberta and Sub-One Technology Inc. of California have entered into an agreement to form a new jointly owned company to produce and market a revolutionary hard surfacing t rea tment ca l led InnerArmor (R) technology. Owned 51 percent by Flint and 49 percent by Sub-One, the company will operate in North America and provide surface treatment services to clients in the oil and gas industry. Flint anticipates its initial investment in the first year to be up to $7 million. A portion of the investment will be used to purchase Sub-One shares. InnerArmor protects metallic surfaces from wear, abrasion, corrosion, erosion, scaling and friction, to extend surface life and reduce maintenance costs. A technologica l breakthrough that combines plasma enhanced chemical vapour deposition (PECVD) with hollow ca thode p lasma immers ion ion processing (HCPIIP) - InnerArmor grows a very hard, durable, diamond like surface on the inside of pipes, valves, elbows, and other parts. By selecting a benign process without the toxic substances required for expensive exotic alloy steels or other metal surface coatings, clients avoid high costs and wasted energy. InnerArmor technology has the potential to be an industry game changer. Bill Lingard, Flint's President and CEO, commented, "Flint InnerArmor will deliver an excellent solution to the challenge of corrosion and abrasion across our entire customer base. Sub-One has pioneered this revolutionary surface treatment process, and our partnership allows Flint to quickly bring its benefits to our clients. I believe this green technology will provide large material and operational cost reductions, while greatly reducing environmental footprint. I am very impressed with the people and technology at Sub-One, and we are excited about the potential of Flint InnerArmor." Flint InnerArmor will operate as part of Flint's Production Services business segment in the United States and Canada, sharing resources and facilities as required. Both Flint and Sub-One will transfer key employees into the company. Many synergies exist between InnerArmor technology and all four of Flint's operating segments, particularly the Production Services and Maintenance Services businesses. Flint is already fabricating customer components that are treated with InnerArmor technology. Flint InnerArmor is expected to have surface treatment operations in Alberta within six months. "Sub-One is excited about forming this joint venture with Flint, a market leader in North American energy services," said Andrew Tudhope, CEO of Sub-One Technology. "We are looking forward to tackling applications in the Oil Sands, Heavy Oil, and other areas where customers are struggling with significant downtime due to frequent component failures. By

extending component life, InnerArmor technology will improve performance by reducing downtime and operational costs."

AKITA DRILLING 2009 RESULTSEarnings for the year ended December 31, 2009 were $8,380,000 or $0.46 per share on revenue of $106,263,000. Comparative figures for 2008 were $14,847,000 or $0.84 per share on revenue of $137,246,000. Funds flow from continuing operations for the current year was $23,960,000 as compared to $34,149,000 in 2008 while cash flow from operations for 2009 was $29,235,000 as compared to $19,367,000 in 2008. The Company's rig utilization in 2009 was 31.1% and once again compared favourably to the industry average of 24.6%, but fell short of AKITA's 2008 utilization of 42.2%. This represented the lowest annual utilization rate achieved by AKITA since its inception in 1993. AKITA's conventional rigs averaged 23.7% utilization. Pad rigs fared better, averaging 59.5% utilization. AKITA currently has eight rigs with pad moving capabilities which are actively drilling for both heavy oil in north east Alberta and natural gas in shale formations. Two of AKITA's rigs were retro-fitted into pad rigs from conventional configurations during 2008 and 2009. Demand remained steady throughout the year for pad rigs to drill either heavy oil (five rigs) or natural gas, particularly in shale bearing formations (three rigs). The Company maintains significant financial strength, which has

placed AKITA in a strong position to weather the current market conditions. At December 31, 2009 the Company had $69.9 Million in working capital ($3.83 per share) including $34.1 Million in cash and cash equivalents ($1.87 per share), $18.0 Million in term deposits ($0.99 per share) and no long-term debt.

PANTERA Q4 RESULTSPantera Drilling Income Trust has released its fourth quarter and year end 2009 financial and operating results. Pantera Drilling Income Trust generated revenue of $17.4 million for the year ended December 31, 2009, a 53% decrease from the $36.8 million achieved in 2008. Net earnings for the year decreased to $1.4 million or $.15 per unit (diluted) from $5.1 million or $.71 per unit (diluted) in 2008. The decreases in revenue and net earnings were primarily due to the reduction in customer pricing compared to 2008 and the reduced utilization of Pantera's seven drilling rigs. The number of operating days for the year ended December 31, 2009 decreased by 17% to 1,067 from 1,290 in 2008 Pantera's rig utilization rate for 2009 was 42% as compared with 50% achieved in 2008. The CAODC reported an average industry utilization rate of 25% in 2009, down from the 40% rate experienced in 2008. Pantera outperformed the industry in terms of rig utilization by 68%. This was largely due to Pantera's relatively new fleet of well equipped drilling rigs, the high activity levels experienced with Pantera's core customer group, and the geographic positioning of its rigs. On December 10, 2009, Pantera extended its credit facility with its existing lender to December 28, 2010 (the "Maturity date"). The credit facility will remain at the same level,

consisting of a $5 million operating demand revolving loan, a $35 million committed 364 day extendible revolving credit facility, and a $500,000 demand standby letter of credit. At December 31, 2009, $19.5 million was outstanding under the credit facility, as compared to $21.2 million at December 31, 2008. These loans require interest to be paid monthly with no scheduled principal repayment unless the 364 day extendible revolving credit facility is not extended. If not extended, the loan is capped and repayable over the ensuing twenty four month period by quarterly payments of 1/20th of the amount outstanding at the Maturity date with the final payment covering the remaining balance due two years from the Maturity date. These payments would commence three months after the Maturity date. Amounts borrowed under the operating demand revolving loan will bear interest at the Trust's option of the bank's prime rate plus .75% or banker's acceptance rate plus 2% per annum and amounts borrowed under the extendible revolving credit facility will bear interest at the Trust's option of the bank's prime rate plus 1% or banker's acceptance rate plus 2.25% per annum. During the years ended December 31, 2009 and 2008 the Trust declared for distribution $3.3 million and $2.6 million respectively. Of those amounts, $2.0 million and $1.2 million were reinvested in additional trust units by unitholders par t ic ipat ing in the d is t r ibut ion reinvestment plan, resulting in a net cash outflow to unitholders of $1.3 million and $1.4 million, respectively, for the years ended December 31, 2009 and 2008. The Trust declared for distributions 65% of the cash flow from operating activities, compared to 35% in 2008.

HEART OF MOUNT ROYAL

WEST COAST SLEEKBeautifully renovated home, perfect for entertaining

Sits on a huge 12,489 sq ft lot. Offered at $2,690,000

Heather Waddell, Realtor®Royal LePage Foothills

403-249-4322www.heatherwaddell.com www.luxuryrealty.com

Canadian Junior Oil & Gas Exploration company offering units to fund an oil-drilling program. $30,000 CDN per unit. Accredited investors only.

For Offering Memorandum, please email invest@bluestaroil.ca

OIL & GAS EXPLORATIONINVESTMENT OPPORTUNITY

In the SHUSWAPPretty 3 bedroom rancher, 2 en suite and 1/2 bath in the laundry room. Private, yet in town. On the creek next to a park, walking distance to golf and beach. 1.5 hours to Sunpeaks. Loads of parking on paved drive.

FULLY FURNISHED, will take only personals. $425,000 negotiable. NO AGENTS PLEASEMore info, pictures etc.Call 250-679-3125 or

250-851-6711

FOR SALECHASE, BC

20 acres of Raw Land in Elkton area.1 hour drive from Calgary

403.638.2232

LAND FOR SALE

1 HOUR FROM CALGARY

For Subscriptions or Ad Information call 1-800-503-4563