April 28, 2003
TSX-TKE
NEWS RELEASE
Q1 PRODUCTION TARGET EXCEEDED
AGGRESSIVE DRILLING PROGRAM PLANNED
TUSK Energy Inc. (“TUSK”) is pleased to announce that it has exceeded its production target for the first quarter of 2003 with average production during the quarter reaching 3,292 boepd. The production targets for Q1 and Q2, announced in early January, were 3,250 and 4,000 boepd respectively. Production passed 4,000 boepd in early March and is now more than 4,200 boepd (60% natural gas).
Production as of January, 2003 was approximately 2,400 boepd. Growth came through a corporate acquisition completed on January 28th and the tie-in of new gas wells drilled during the fourth quarter of 2002 at Gage (100%) and Shane (28%).
Fourth quarter drilling resulted in two new pool discoveries – one gas well and one oil well. At Hartaven, in Saskatchewan, TUSK (100%) drilled an oil discovery well. The well, currently producing approximately 20 bopd, will be offset immediately by a horizontal well (100% TUSK) and a second horizontal well should spud in June. At Gage, Alberta, TUSK (100%) drilled a dual zone gas discovery. The well was put on production in early March and currently produces approximately 2.5 MMcfd. TUSK has interests in 25 sections of land in the Gage area and will begin a three well program with the first well slated to spud at the end of May. Contingent upon results of these three wells, TUSK will drill up to five more wells at Gage during the third and fourth quarters.
TUSK continued to be an active driller in the first quarter, participating in the drilling of 11 gross (4.9 net) wells resulting in 8 gross (3.1 net) oil wells, 2 gross (1.5 net) gas wells and one gross (0.30 net) dry holes. So far in 2003, TUSK has acquired 3-D data on five exploration projects and 2-D data on six other exploration projects.
During the second quarter TUSK will finish the tie-in of approximately 200 boepd of gas production in the Saddle Lake/Whitefish Lake areas. Booster compression is to be installed at Saddle Lake which will add approximately 100 boepd net to TUSK. Up to six wells will be drilled in these areas during June and July.
TUSK has 37 drilling locations identified for the remainder of the year including a 2,700 metre test targeting Swan Hills gas at Carson South.
TUSK’s annual report, summarized in our news release of March 21, 2003, was filed with SEDAR late last week and has been posted on our website at www.tusk-energy.com.
The annual & special general meeting of the shareholders of TUSK will be held on May 21, 2003.
For further information: Norman W. Holton
President & CEO
TUSK Energy Inc.
1950, 700-4th Avenue S.W.
Calgary, Alberta, T2P 3J4
Tel: (403) 264-8875 Fax: (403) 264-8861
e-mail: tusk@tusk-energy.com
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