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From: johnlw	4/13/2006 8:35:56 AM
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Nice well for Clipper. Could some one explain working interest before payout and working interest after payout please? Alberta Clipper tests light oil discovery in Alberta 2006-04-11 13:21 ET - News Release Mr. Kel Johnston reports ALBERTA CLIPPER ENERGY INC. (ACN - TSX) ANNOUNCES SIGNIFICANT NEW LEDUC LIGHT OIL DISCOVERY Alberta Clipper Energy Inc. has recently tested a significant new light oil discovery in the Sylvan Lake area of Alberta. The 9-15-38-4W5 discovery well (9-15) encountered approximately 70 feet of net oil pay, averaging 11-per-cent porosity, from a dolomitized Leduc reef defined on three-dimensional seismic. During a five-day testing period, the well flowed at rates of up to 1,750 barrels of oil equivalent per day. Alberta Clipper operates the well and holds a 20-per-cent working interest before payout and a 35-per-cent working interest after payout. The company is currently in the process of obtaining all regulatory approvals required to tie the well in to Alberta Clipper-owned infrastructure. Tie-in is expected to be completed by the end of the second quarter of 2006. A development location offsetting the 9-15 discovery well is expected to be drilled during the third quarter. Alberta Clipper holds a 50-per-cent working interest in the well and is the operator. Although the 9-15 discovery well is expected to be capable of initial production rates of over 1,000 barrels of oil equivalent per day, it may initially be restricted by a maximum rate limitation (MRL) as determined by the Alberta Energy and Utilities Board. Existing Leduc pools in the immediate area are currently under good production practice (GPP) orders that allow wells to be produced without MRL restriction. As such, Alberta Clipper will be submitting a GPP application for the 9-15 discovery well. Alberta Clipper is currently drilling two additional, operated Leduc tests. The first well is an exploratory test targeting a separate Leduc pinnacle reef. The second well is a development test into an existing Leduc oil pool believed to contain significant remaining reserves. Two further Leduc exploratory wells will commence drilling in the third and fourth quarters of 2006. We seek Safe Harbor.

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