The Alderson Project
---Bard Ventures Ltd., ("Bard"), a company listed on the Canadian Venture Exchnage (CBS), has recently participated in the
drilling and completion of a new natural gas discovery in the Alderson area of southeast Alberta. This well is
currently producing from the Basal Colorado Sandstone which is a widespread formation within this region of Alberta.
There is the potential for further development both within the vicinity of the discovery well and throughout the region.
Bard recently participated in the drilling of a second offset well within the Alderson lands at 10-23-17-10W4M.
This well has Basal Colorado potential and the potential for oil production from the Basal Quartz fromation, which is located
just below the Basal Colorado. A Basal Quartz oil pool immediatly north and west of the Alderson lands has produced over 500 000
barrels of oil to date. An excellent seismic anomaly has been defined on three lines, all within the prospect lands. The 10-23 test well was locaated on the best
and most central of these anomalies. The well has been cased as a potential oil and gas producer.
Upon the completion of these well, Bard will earn in 4.75 sections (3,040 acres). A successful test well will define
a number of potential development locations within the lands.
Bard entered into an agreement with Cashel Resources Inc. ("Cashel") in the fall of 1999 which gave Bard the right
to participate for up to 50% of the drilling and completion cost of one commitment well
and one option well to earn a 50% interest before payout, subject to a 15% gross overriding royalty and a 25% interest after payout, in the two
wells and 4.75 sections. The lands are located within Township 17, Range 10 West 4M, northeast of Medicine Hat in the
southeast Alberta. Cashel is a Calgary based private oil and gas exploration compnay that has for the past year identified and acquired several
prospects within the region including the Alderson prospect. As a result of this intitial participation, Bard has the opportunity to participate in additional exploration and development wells within this region subject to the results of the initial two wells and to financing.
Cashel is the operator of this project.