cid:image001.jpg@01CB75D5.70817FD0 October 27, 2010 SUBJECT: Shell Canada Limited Licenses Alberta Bakken Well SUMMARY: Shell Canada Limited has confirmed its presence in the emerging Alberta Bakken play with the licensing of a New Field Wildcat horizontal well.

DETAILS: · Super major joins the Alberta Bakken play: On October 21, 2010 Shell was issued a license to drill a New Field Wildcat horizontal well targeting the Big Valley formation at a projected total measured depth of 3,844 meters.

The location is at Del Bonita 10-20-1-22W4, which is right along the Alberta Montana border and just to the west of the Crescent Point wells in Township 1 – Range 21.

This announcement adds another large producer to the mix with Murphy and Crescent Point already letting it be known that they are also chasing this emerging new light oil development in southern Alberta.

OUR VIEW: · We view this as positive for Bowood Energy who has established a land position of 117,000 net acres along the trend following the closing of its closing of its lease acquisition and joint venture with the Blood Tribe, which added 60,640 net acres of prospective Alberta Bakken rights.

We continue to view BWD as one of the best levered ways to play this new light oil development.


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Peter Doig, CFA Email: Office:403 543 3035 Cell: 403 803 7196
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