Northwest Territories Oil Exploration Leases Fetch $558MM

- Northwest Territories Oil Exploration Leases Fetch $558MM

Tuesday, July 05, 2011
Dow Jones Newswires
CALGARY
by Edward Welsch

Oil companies bid C$536 million (US $558 million) for oil exploration leases in Canada's Northwest Territories, a Canadian government development agency said, with Husky Energy making the largest bid.

Calgary-based Husky, Canada's fifth-largest energy company, bid C$376 million for two oil exploration leases in the Mackenzie Valley, just south of the Arctic Circle. Houston-based ConocoPhillips bid C$67 million, while Shell and ExxonMobil-controlled Imperial Oil each bid C$43 million.

"These lands represent a strategic opportunity for us," Husky spokeswoman Colleen McConnell said. "Expanding into frontier areas is something we continue to look at."

Husky had previously made oil and natural gas discoveries in the Mackenzie Valley region in 2005 and 2006 with its partners in the Stewart and Summmit Creek prospects, which are still under development.

The bids represent the amount Husky and the others intend to spend on exploration on the leases during the first five years of the nine-year leases.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Apache Northwest Reaches TD at La Rocca Well

- Apache Northwest Reaches TD at La Rocca Well

Wednesday, May 25, 2011
Oilex Ltd.

Oilex has been advised by the Operator that the La Rocca-1 exploration well has reached total depth of 4,864 meters after drilling through the Intra Mungaroo Formation channel sandstone primary objective. There are no indications of gas in the LWD and mud log data and
final wireline logs will now be run.

The participating interests in the WA-388-P permit after satisfaction of the requirements of the farm- in agreement and amendment, are set out below:

Joint Venture Party/ Participating Interest

• Oilex Ltd 8.4%
• Apache Northwest Pty Ltd (Operator) 40%
• Sasol Petroleum Australia Ltd 18%
• Videocon Industries Ltd 8.4%
• Gujarat State Petroleum Corporation Ltd 8.4%
• Bharat PetroResources Limited 8.4%
• Hindustan Petroleum Corp. Ltd 8.4%

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Apache Northwest Drills Ahead at La Rocca Well

- Apache Northwest Drills Ahead at La Rocca Well

Monday, May 23, 2011
Oilex Ltd.

Oilex has been advised by the Operator that as at 0600 hours on May 22, 2011, the La Rocca-1 well has drilled to a depth of
3,579 meters and is drilling ahead. It is anticipated that the objectives could be intersected within the next few days.

• tatus: Drilling ahead below 3.579
• Past Week's Operations:
  • Drilled 311 mm (12 ¼") hole to 3,478 meters and ran 244 mm (9 ?") casing
  • Cemented and tested casing
  • Drilled 216 mm (8 ½") hole from 3,478 meters to 3,579.0 meters
• Water depth: 401 meters
• Objectives: Intra Mungaroo channel zone
• Planned total depth (TD): Approximately 5,100 meters
• Days to TD: 41 days on a trouble free basis

he La Rocca-1 well, the first exploration well in the permit, is drilling the La Rocca prospect in the Intra Mungaroo channel zone. The well, in the south-western part of the permit, was spudded on 30 April 2011 and is being drilled with the Ocean Patriot drilling rig. The well is operated by Apache Northwest Pty Ltd ("Apache").

Oilex secured funding for the cost of drilling and testing the well under the terms of a previously announced farm-out and subsequently modified agreement with Apache.

The participating interests in the WA-388-P permit after satisfaction of the requirements of the farm- in agreement and amendment, are set out below:

• Oilex Ltd 8.4%
• Apache Northwest Pty Ltd (Operator) 40%
• Sasol Petroleum Australia Ltd 18%
• Videocon Industries Ltd 8.4%
• Gujarat State Petroleum Corporation Ltd 8.4%
• Bharat PetroResources Limited 8.4%
• Hindustan Petroleum Corp. Ltd 8.4%

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