Weyburn, Saskatchewan

As with the Halkirk property, WPM also reviewed its clients/partners $20MM property acquisition in early 2011 in the Weyburn area. WPM again developed a program to workover numerous wells that had been shut-in for years by the previous operator, and drill 12 new multi leg horizontal wells. Workovers operations commenced in August 2011, drilling started in October and WPM has also begun its facilities upgrade on the property and identified multiple opportunities to reduce operating cost. The majority of the wells required extensive surface land work and special government permission by both Provincial and Federal bodies due to the environmental sensitive area the project is located in, so planning both the drilling and pipelines/facilities required very close integrated planning. As of February 2012, five new wells were drilled and seven wells worked over for an increase of approximately 300 BOPD to a mature field that was originally producing 37 BOPD. This equates to a finding and development cost under $33,000 per BOPD.