Crew Energy, Inc. (Crew or the Company) was incorporated in 2003 and commenced operations in September 2003. The Company is a junior oil and natural gas producer. Crew’s activities are focused on the exploitation, development and expansion of its core natural gas producing areas in central Alberta and the exploration of a large undeveloped land base in north central Alberta and northeast British Columbia. The Company’s wholly owned subsidiary includes Crew Resources Inc. and a partnership, Crew Energy Partnership. Crew's main oil and natural gas producing properties and development activities will be focused in the Viking- Kinsella, Cow Lake, Wimborne and Saddle Lake areas of central Alberta all located north of Calgary, Alberta and south of township 60 in central Alberta. Exploration activity will be conducted on Crew's significant undeveloped land base in the Edson, Kaybob and Tangent areas of north-central Alberta and at Laprise in northeastern British Columbia. Viking-Kinsella, Alberta The Viking-Kinsella area is located southeast of Edmonton. Crew's assets will encompass 50% of Baytex's existing assets in this area and Crew will operate the joint interests in the area. Production from this area comes from 31 gross (6.9 net) producing natural gas wells and consists of Cretaceous Mannville natural gas gathered into third party facilities. During the three months ended March 31, 2003, the production rate from the Viking-Kinsella area was approximately 2.2 Mmcf/d of natural gas. As of September 1, 2003, Outtrim assigned proved reserves of 344 Mboe and total risked reserves of 450 Mboe for this property. Crew plans to explore for additional shallow gas targets on its 35,659 net undeveloped acres in this area. Cow Lake, Alberta The Cow Lake area is west of Red Deer, Alberta. Production in this area comes from Crew's 25% net interest in 5 (1.25 net) Ellerslie F pool natural gas wells and is processed through third party owned facilities with available capacity. During the three months ended March 31, 2003, the production rate was approximately 430 Boe/d consisting of 1.9 Mmcf/d of natural gas and 112 Bbls/d of natural gas liquids. As of September 1, 2003, Outtrim assigned total proved reserves of 869 Mboe and total risked reserves of 1,066 Mboe for this property. Wimborne, Alberta The Wimborne area is located south of Red Deer between township 31 and 34 and inclusive of ranges 25 through 27 west of the fourth meridian. Production from this area consists of Pekisko formation light oil from 4 gross (1.35 net) wells and shallow Belly River natural gas. The area includes a 58% interest in a 15 Mmcf/d gas processing facility. Crew will process four to five Mmcf/d of natural gas for third parties through this facility, generating third party processing fees and a reduction in Crew's own operating costs in the area. During the three months ended March 31, 2003, the production rate was approximately 161 Boe/d consisting of 0.8 Mmcf/d of natural gas and 35 Bbls/d of light oil and natural gas liquids. As of September 1, 2003, Outtrim assigned total proved reserves of 251 Mboe and total risked reserves of 255 Mboe for this property. Saddle Lake, Alberta The Saddle Lake area is located northeast of Edmonton between township 51 and 59 and inclusive of ranges 11 through 16 west of the fourth meridian. This area includes 10 (10 net) producing natural gas wells and 3,561 net undeveloped acres of additional exploratory land. During the three months ended March 31, 2003, the production rate was approximately 0.8 Mmcf/d of natural gas. As of September 1, 2003 Outtrim assigned total proved reserves of 188 Mboe and total risked reserves of 234 Mboe for this property. Crew has over 230,000 net acres of undeveloped land located in natural gas and light oil prone areas in Alberta and British Columbia. Crew has two core areas. The North Core encompasses lands in northwest Alberta and northeast British Columbia. Activities in the North Core have been focused at Laprise, B.C. with one (1.0 net) light oil well drilled in September. This well was production tested at flowing rates of 420 boe/d of 45° API oil and associated gas and is currently shut-in awaiting tie-in of the solution gas. In October, Crew drilled an additional three (2.1 net) wells at Laprise, resulting in two (1.5 net) oil wells and one (0.6 net) dry hole. Also at Laprise, Crew has four, 100 percent owned gas spacing units where one well is planned in the first quarter of 2004. This well is targeting natural gas in a Triassic carbonate formation. The Plains Core currently accounts for all of Crew’s natural gas and ngls production. Subsequent to September 30, 2003, Crew drilled three (3.0 net) potential gas wells that are currently awaiting completion. The Ferrier area, within the Plains Core, produced an average of 436 boe/d of natural gas and ngls in September. Crew has two gas wells to tie in in the area, which is anticipated to add 200 boe/d of production by the end of January 2004. The Company has identified seven (6.0 net) locations to be drilled in this area. At Edson in west-central Alberta, Crew produced 106 boe/d of natural gas and ngls from one gas well in September. The Company has one (1.0 net) gas well currently being tied in, which is expected to be placed on production at a rate of 250 boe/d by the end of November 2003. Crew has a 100 percent interest in 13 sections of land in this area and has identified 11 drilling locations, two of which are scheduled for drilling in the first quarter of 2004. Also in the Plains Core, Crew has interests in two gas-processing facilities and one compressor station in the Wimborne-Drumheller area of central Alberta. In September 2002, Crew produced 265 boe/d from this area and custom processed over 6 mmcf/d of third-party gas through its facilities. Crew has an interest in over 100,000 acres of land in the corridor from Wimborne to Viking-Kinsella in central Alberta.
crew energy inc (CR:Toronto)
250-5th Street SW
Calgary, AB T2P 0R4
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