| During October of
2003, TransAction operated 15 shallow gas wells located in
southern Alberta on behalf of a US client. After six months
the owner established a presence in Canada and assumed the
operation of the wells.
On behalf of US
clients, TransAction drilled and put on production four oil
wells located in the central and Peace River Arch of Alberta
with a total daily production of 100 BOPD. The wells located
in Central Alberta have since been sold. Additional drilling
is anticipated for the Peace River Arch with TransAction as
the operator.
TransAction drilled
two gas wells totalling 900 mcf/d on behalf of a US and Canadian
client. TransAction operates 2,816 hectares of land in this
area.
In the Provost area
of Easten Alberta, TransAction operates 256 hectares
of land containing two wells. One is a producing Viking
oil well and the second is a suspended Viking oil well.
Currently TransAction
is operator of a project in NE British Columbia consisting
of the tie in of a gas well in the Noel area. Additional
drilling is planned for this project with TransAction as the
operator.
TransAction in parthnership with a
Canadian public company operates an oilshale project in the
Pasquia Hills area of east central Saskatchewan consisting
of 155,443 acres.
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