The Company had a production exit rate at March 31, 2008 of 1,472 BOE/d. "The six locations not drilled last winter plus the two drilled wells temporarily shut-in are largely responsible for the reduction in anticipated production," stated James Rundell, JED's President. "Since the window for winter drilling in northern Alberta ended March 31st, our production exit rate at June 30, 2008 will remain approximately 1,500 BOE/d. We also note that our first quarter operating costs of $21.58/BOE include several annual costs that were all accrued in the first quarter. We added 2.42 MM BOEs of ROIP and with our remaining drilling targets and new land acquisitions we are in a good position to continue growing our assets when our outstanding financing issues have been resolved."
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